If You Get Sick, Your Last Will May Not Matter

The Last Will and Testament is an important document that should be included in every estate plan. However, it has its limitations. A Will’s primary goal is to answer questions about what happens to your stuff when you pass away. The big assumption being made is that there will be something left to distribute at that time. Unfortunately, that assumption is frequently incorrect.

When helping a family to plan, I frequently ask them what could get in their way of having a successful retirement. The most common answer is that they are concerned about long-term care costs. I think this is a valid concern. The Alzheimer’s Association tells us that 1 in 3 seniors dies with dementia. This statistic doesn’t include all of the other diseases and ailments afflicting seniors. When you consider that the average cost of a nursing home in Pennsylvania now exceeds $10,000 per month, it is easy to see how long-term care costs can wipe out a family’s savings.

This issue highlights the underlying flaw in the traditional logic that most families only need a Will. A good estate plan not only answers the question, “what happens when I die?”, but it also answers the question, “can I protect assets if I get really sick before I die?”. There are several ways to plan to protect assets. To learn more, attend one of our FREE educational workshops.