Estate Planning FAQs for Seniors
Have you met with an attorney to discuss estate planning?
As we grow older and reach the latter part of our lives, planning for the future becomes increasingly important. Estate planning should be a high priority, as it is one of the most important and effective ways to protect assets. Comprehensive and intentional estate planning works as a strategic plan to manage and protect assets, express testamentary wishes, and reduce unnecessary stress. Working with an estate planning attorney is the key to creating a tailored and solid estate plan.
Why does estate planning matter?
Estate planning allows you to plan how your assets will be distributed after your passing. It may also include planning for medical, legal, and financial decisions in the event of disability. For seniors, a tailored and well-structured estate plan can offer peace of mind and security for the future.
What essential documents should every senior have?
When working with an estate planning attorney, these are some of the essential documents that should be discussed:
1. Power of Attorney: A power of attorney designates a person of your choosing (referred to as an “agent”) and grants to them the explicit right and authority to act on your behalf for legal and financial decision-making. Every senior should ask themselves the question: Who will go to the bank for me, or file taxes for me if I become disabled and can no longer do those tasks for myself? This document allows that person to assist you with your daily living once you are no longer able to perform these tasks on your own.
2. Health Care Proxy/Living Will: A healthcare proxy names someone to make medical decisions for you in the event you are not able to do so for yourself. It addresses the questions of: Who will speak to the doctor for me and what if I become ill to the point that I cannot make my own healthcare decisions? A Living Will expresses your wishes for types of treatment and/or palliative care.
3. Last Will and Testament: Every senior should have this critical legal document, as it outlines how property and assets should be distributed and divided after death.
4. Trust: Not all estate plans need to include a trust. However, trusts can add a lot of value by providing more control over when and how assets are distributed. They can also help minimize estate taxes, avoid probate, and protect assets from long-term care and nursing home costs.
Why is it important to work with a qualified estate planning attorney as a senior?
A qualified estate planning attorney can ensure that your estate planning documents are legally sound and properly executed. Further, your estate planning attorney can assist with Medicaid planning, long-term care considerations, and asset management and protection.
If your existing plan is more than five years old, it’s essential to review and update it to ensure compliance with current rules and regulations and alignment with your evolving goals. Contact us today to schedule your free estate planning consultation and let us help you stay on track.
This is not intended to be legal advice. You should contact an attorney for advice regarding your specific situation.
Rachel Rosenwasser is an associate and practices estate planning and real estate law. She can be reached by phone at 845-764-9656 and by email.