Estate Planning is the process of putting in writing your wishes about what you want to have happen to your property after you die, and who you want to manage your property during your life-time in the event of an accident or illness that prevents you from taking care of things on your own. Estate planning should include a review of your assets, how they are titled and any beneficiary designations.
Essential Elements of an Estate Plan Include:
- General Durable Power of Attorney regarding who will manage your assents if you are unable.
- Power of Attorney for health care decisions regarding who will speak with physicians if you cannot.
- Declaration of medical intent or living will regarding your final medical wishes
- Will or Trust regarding disposition of your assets after death
Why do your estate planning with an Elder Law Attorney?
Elder Law attorney’s not only prepare estate planning documents, they use them. Here at Tabory Law we have seen estate plans that work exceptionally well and some that miss the mark. Not necessarily because it was a bad estate plan, but because it did not address incapacity or illness of the planning party their spouse or children. Additionally, changes to tax law and guardianship law and Medicaid all have an impact on how your plan will work.
Estate Planning is not a one-time event. You should review your plan every 3 to 5 years because even if your situation has not changed much, the situation of your loved ones might have.