In general, the probate process moves quickly if the estate has minimal assets and little debt. Larger estates can take anywhere from nine months to a few years, especially with problematic family dynamics.

What would happen if you became seriously ill or injured and were no longer able to make your health care decisions? A living will can outline your wishes so your loved ones can make informed decisions about your care in an emergency.

When making a will, you’ll work with an estate planner to designate those who will inherit from you. The persons (or entities, such as a charity) you choose are the beneficiaries of your will.

While joint accounts can be useful in certain circumstances, they can have dire consequences if not used properly. Adding a loved one to a bank account can expose you to their creditors and affect Medicaid planning.

AARP reports that Baby Boomers are the generation with the highest divorce rates. Divorce among older adults in the United States has been on the rise since 1990. By 2019, 36 percent of divorces involved people 50 and older.

Storing important documents in digital form provides convenient copies that can be accessed by trusted individuals involved in your estate planning. They will also need access to online accounts in emergencies.