Wills
There are many legal terms for the roles we can play in an older adults life. Have you ever been asked if you are the guardian or the power of attorney for someone? What does it mean when you hear that someone is the executor or trustee for someone else? How about conservator—what is that?…
For married couples, updating wills and beneficiary designations are important parts of Medicaid planning. Most of our clients have “I Love You” wills that leave everything to their spouse after their death. Likewise, their assets have their spouses as the Payable on Death Beneficiaries. This can be a huge issue if the spouse is receiving…
“Do I need to update my will? My situation is very straightforward, and I don’t think anything has changed.” We are often asked this question, and everyone hopes that the answer is: “No—whatever you put in place 15 years ago is probably still fine.” Unfortunately, there are many reasons your will might need to be…
We often hear from family members that assume it’s too late for their loved one to create and sign a new will because the person has dementia. Yes, at some point in the disease process, a person living with dementia will lose the capacity to sign legal documents. Having a diagnosis of dementia, however, does…
We hear this question quite a bit. An individual will call us asking, “Do I really need a will? My situation is really simple, and I don’t really own that much.” A will is a device that lets a person control who you want to give your assets to. Die without one, and the state…
It is important to keep in mind that not all assets are affected by the terms of a will. Bank accounts, trusts, and retirement accounts that have designated beneficiaries transfer to the beneficiaries; these assets never go through probate if they have another way of being transferred. Likewise, certain properties can be transferred to co-owners…
A parent’s unexpected health event could precipitate an immediate need to get your hands on key information and secure valuables. Before something happens, it is a good time to talk to aging parents about what you may need to provide someday. Some parents are hesitant to discuss personal matters, even with their children. For insight…
Don’t wait to take care of your estate planning needs. It’s crucial to make these important decisions while you are in the prime of your life instead of waiting until you start declining.
Neglecting to have a will, failing to set up a trust, neglecting to update estate plans, and forgetting to plan for disabilities are all common estate planning mistakes.
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