Most people assume that an estate plan is all about having a will. Unfortunately, that’s a myth. Estate planning gives you the power to ensure your wishes are honored after your death or if you become incapacitated. As a senior, if you don’t have an estate plan, it is not too late. Meet the attorneys of Keystone Elder Law for a quick consultation, and they can tell you how to proceed further. In this post, let’s discuss more about estate planning for seniors.
Pivotal documents for your estate plan
Before we talk further about working with an attorney, below is an overview of the pivotal documents that are usually a part of the estate planning process.
- Last Will & Testament: The Last Will & Testament essentially decides who gets what after your death. A will must go through the probate process after your passing, and you can choose a personal representative to ensure the will is executed. If you have minor children, you can choose a guardian for them. Of course, the will is your chance to decide on inheritance. You choose the beneficiaries and can even decide to leave a family member out of your will.
- Trusts: Unlike a will, a trust doesn’t go through probate. It allows you to manage your estate efficiently, and your assets are transferred to the trust. You can choose one or more trustees who will oversee that the benefits are passed to the chosen beneficiaries. A living trust is more like a substitute for a will, which allows you to transfer assets when you are alive. You can be the trustee and beneficiary of your will. If you want to tax benefits, irrevocable trusts could be an option.
- Living Will: If you end up in a situation where you are incapacitated or cannot make decisions on your own, your living will can be useful for your doctors and family members. You can state your wishes for medical care preferences in detail. For instance, you can have a living will that mentions that you don’t want to be on life support.
- Powers of attorney: If you are incapacitated, you won’t be able to make major medical decisions, and in such situations, family members may not agree on the same thing. You can prevent such circumstances by having a power of attorney for healthcare, where you choose someone who makes decisions for you. You should also ideally have a General Power of Attorney, which gives power to the appointed agent to make financial and business affairs on your behalf.
Working with an elder law attorney
Firstly, choose someone who specializes in elder law and has years of experience with estate planning for seniors. If you are new to hiring an elder law attorney, ask relevant questions about their work and whether they have handled similar cases. Many law firms don’t charge a hefty fee for the first meeting, and it is prudent to meet an attorney to discuss critical details. Make a note of your circumstances, goals, and wishes, and ensure you have a transparent word with the elder law attorney to get bespoke advice. Even if you have an estate plan, you may want to revise it at some point, and your lawyer will help with that, especially if your financial situation and family relationships have evolved with time.
Final word
Reputed and recognized elder law attorneys in Harrisburg are usually kind and understand the complex issues that seniors deal with. Be honest with your lawyer, and they will ensure you find the best way forward. They will also take time to educate you on various laws and double-check the paperwork before you sign.
