ARTICLES

It's likely that whether you're in the middle of estate planning or just starting to consider your options, you've got questions about how your assets should be distributed and who should handle it. A trust can be a great tool in your estate planning tool kit.

One of life's most emotionally draining experiences is losing a close relative. In addition to the emotional burden, one is also responsible for handling the deceased's estate. This part can be especially overwhelming.

It is common for an aging parent to lose the ability to think clearly and make informed and meaningful decisions about their life as they age. This growing inability may occur due to Alzheimer’s disease, other forms of dementia, mental illness, stroke, brain injury, or other severe health or disability conditions.

A person electing you to be the executor of their estate believed that you would be trustworthy to handle their assets and affairs after their death. Even though the decedent nominated you to be their executor, you will still need to be appointed to that role by their local probate court.

Financial insecurity is a major concern for many US seniors due to current inflationary pressures. The anxiety many Americans feel living on a fixed income is reduced by looking to government programs to potentially qualify for assistance.

Elder law and estate planning are often used interchangeably; however, there are significant differences between them. While some overlap exists between the two, learning and implementing strategies from both law practice types is crucial to prepare for successful aging and preserve a family legacy.

It is obvious and right to divide assets equally among children in a variety of situations. However, in some families, the same inheritance for all children may not be appropriate, can deplete the estate's assets due to litigation, or cause other family problems.

Properly drafted wills address who receives your assets and properties after your death when they are properly filled out. Your will names a personal representative (executor) who will carry out your directives. In addition to asset distribution, your executor makes a public notice of your death, files your final taxes, and records your will in probate court.

If you were critically ill or accidentally injured and could no longer make decisions about your healthcare, what would you do? You don’t have to be old to become incapacitated. A living will, a component of an advance health care directive can outline your wishes so that your loved ones can make informed decisions about your care in an emergency.

As a result of the COVID-19 pandemic, more Americans are aware than ever that they need a will, a living will, and perhaps a living trust. Still, this knowledge is not translating into estate planning action. No matter your age or asset level, having a will is beneficial.