In 2019, even the youngest baby boomers in Ohio will reach the age of 55, leading many to consider how they can improve their planning for the future. They may want to make sure they can support themselves through retirement and plan to leave their assets behind to their loved ones. Life insurance might play an important role in an estate plan alongside traditional documents like wills and trusts. People can use life insurance to help them successfully transfer their wealth between generations.
This increased thinking about the future can be important for many. According to one survey, 42 percent of the baby boomer generation does not have an estate plan. Even those who have written a will often have an out-of-date plan that has not been reviewed in years and may not reflect legal changes or life developments. However, baby boomers have a significant amount of wealth to transfer. They collectively have around $30 trillion in assets and will be looking to pass that wealth along in the coming several decades. However, some may not be able to do so as efficiently if they do not create an estate plan.
Life insurance can help people in this process. It could provide their loved ones with much-needed access to cash during the time when the estate is still going through probate. These funds might help people to cover final expenses like outstanding debts, medical bills or funeral costs as well as pay lawyers, accountants and other professionals to address estate issues.
Making a plan for the future can help people to feel secure that they will support their loved ones even after they are gone. An estate planning lawyer may help people make a plan and develop key estate documents like wills, trusts and powers of attorney.