Estate Planning and Elder Care
What is in an estate plan and why do I need one?
Planning for the worst outcome is a difficult subject to broach with your family. However, having a plan for all outcomes is essential to protecting your family in the event of the unthinkable. Having an estate plan will help smooth the process of transferring property to those you want to have it. An estate plan includes:
• A will;
• If appropriate, a trust;
• Health care directives;
• Financial powers of attorney;
• And, if desired, a living will.
What combination of documents is right for you depends on you. Speaking to a knowledgeable and experienced estate planning attorney will help you determine what set of documents is right for you to protect your family and property.
Who needs to know about my estate plan?
It is important for the executor of your estate, chosen in your will, to have access to the information they would need if these events come to pass. Keeping passwords, the estate plan documents, any deeds, certificates, information on funerary prepayment plans, in one place that both you and your executor know will prevent many future headaches. Also, your named agents in your powers of attorney should have copies of those documents in case they need to act on your behalf.
Planning for the worst outcome is a difficult subject to broach with your family. However, having a plan for all outcomes is essential to protecting your family in the event of the unthinkable. Having an estate plan will help smooth the process of transferring property to those you want to have it. An estate plan includes:
• A will;
• If appropriate, a trust;
• Health care directives;
• Financial powers of attorney;
• And, if desired, a living will.
What combination of documents is right for you depends on you. Speaking to a knowledgeable and experienced estate planning attorney will help you determine what set of documents is right for you to protect your family and property.
Who needs to know about my estate plan?
It is important for the executor of your estate, chosen in your will, to have access to the information they would need if these events come to pass. Keeping passwords, the estate plan documents, any deeds, certificates, information on funerary prepayment plans, in one place that both you and your executor know will prevent many future headaches. Also, your named agents in your powers of attorney should have copies of those documents in case they need to act on your behalf.
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Advance DirectivesThese are the documents that protect your interests while you are still living.
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Will and TestamentYour Will is your last chance to tell your family and the Court how you want your property and assets distributed after your death. There are very strict laws on how wills must be written, signed, and witnessed in order for them to be valid.
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Elder CareEstate Planning isn't just about planning for what happens after you die. Elder care planning is a process in which your attorney helps you or your family members to form a strategy for your long-term care, financial well-being, and assurance of benefits.
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