How many seniors in Lexington and the state as a whole are participating in estate planning?
If your loved one hasn’t drafted any end-of-life documents for their future, future decisions may not be left to them or even to their family members, which can lead to undesirable results. With an estate planning attorney, your loved one can be protected and advocated for in a plethora of situations. The IRS released a study on the types of returns filed in Kentucky:
Home to close to 730,000 seniors over the age of 65, the number of filed returns reflects a lack of end-of-life planning in the aging community in Kentucky. Preparing for your loved one’s final moments doesn’t have to be an uncomfortable discussion. It can bring peace of mind to have a thorough understanding of how the senior in your life wants things to be handled following their death. Hiring an estate planning lawyer in Lexington helps your loved one tackle the process to create the various documents necessary to protect their wishes.
Does a Lexington senior citizens income affect the likelihood of having a will?
While there is no minimum financial requirement for having a will, one in three Americans who don’t have a will report that they don’t have enough assets to leave someone. There is a lot more to end-of-life planning than finances. The below chart breaks down the prevalence of wills based on income levels:
The data indicates that people with a higher income level are more likely to have a will. However, wills and other estate planning documents cover other aspects of life. For instance, your loved one could have an advanced directive drawn up to detail their wishes in the event of a medical emergency that leaves them unable to make decisions.
How to choose the best estate planning attorney in Lexington
A Lexington estate planning attorney can provide specialized care to the senior in your life as they work to compile important documents like the last will and testament, living trusts, the financial and health powers of attorney, and more. Once you’ve selected a few prospective estate planning attorneys, eliminate any who are less than eager to provide references. Have a thorough discussion about their services, their experience with the type of documents your loved one will need, and more.
Because your loved one will likely work with their attorney on a long-term basis, they’ll need to be comfortable interacting with them, asking questions, and expressing their needs. In addition, you’ll want to ask about their pricing as wills can cost at minimum around $300 for just the basics. You can learn more information through our comprehensive guide to choosing an estate planning attorney.
Estate planning solutions for Lexington seniors
Planning for the future with a Lexington estate planning attorney can be a great way to help your aging loved one feel more secure for their golden years. By finding a lawyer specializing in estate planning to help, the senior in your life can rest assured that their final wishes will be honored upon their passing. Explore our listings above to get started.
