Estate planning can benefit any senior citizen or aging couple with assets they hope to preserve and protect. Whatever the size of your estate, you need an estate plan to make sure that the right parties inherit your valuable assets. Your estate plan can also limit the amount of taxes that your beneficiaries may owe.

The following estate planing tips may be helpful for you, even if you already have an estate plan in place:

• If you are without a will, laws may determine who inherits your assets. Your vintage car, your favorite piece of jewelry, or even your retirement benefits may be in jeopardy.
• If you want to designate specific amounts of money to be spent in a certain way, a trust can be set up to meet these needs. The trustee of this trust becomes legally bound to ensure that these specific funds are used to cover specific expenses.
• If you’re looking to reduce your taxable estate, gift specific amounts of money to your beneficiaries while you alive. If each beneficiary receives a gift of $13,000 or less, taxes may be minimized.

Regardless of the size and scope of your assets, estate planning attorneys may help to ensure that your finances and assets are handled with care. When you are no longer alive to make your wishes known, legal directives for the future of your residence, vehicles, financial assets and personal belongings can make a difficult time easier for your family and loved ones.