According to a Wells Fargo survey, 40 percent of older individuals in Ohio and the rest of the nation have not completed all of the necessary legal documents that should be included in their estate plans. People who do not have all of the necessary estate planning provisions in place may be susceptible to individuals taking financial advantage of them when they are older.
Experiencing financial abuse may be more likely than some people think. Research shows that 20 percent of people who are at least 65 years old will become the victims of some form of financial abuse, but just 10 percent of individuals in that age group believe that it will happen to them.
One way someone can prevent being financially abused as he or she grows older is to make sure that all estate planning documents are safely stored and easily accessible. One option individuals may want to consider is online estate planning platforms that allow users to both create and store their plans online. This can be very convenient in situations where individuals have loved ones who may require access to the document but live far away.
To make sure that their estate plans contain all the required components, people should create a comprehensive list of any aspects of the plan that require attention, and each issue should be addressed one at a time. Documents that should be included in every estate plan and added to the list if they are not already on it include a will, an advance health care directive, a power of attorney for financial issues and a power of attorney for medical issues.
An attorney who practices estate planning law may advise clients on how to use wills and trust to protect their assets for their beneficiaries. Assistance may be provided for drafting estate planning documents.