The Probate Process
The Probate Process
Not all estate planning involves the distribution of assets after death; creating a plan to protect a minor child’s personal and financial well being in the event of a parent’s death or mental incapacitation, or a plan to follow when an adult becomes incapacitated and unable to make important healthcare and financial decisions, comprise estate planning, too.
While the basics of estate planning have remained the same for centuries, three key elements emerging in the 21st century that make estate planning a growing necessity. Those who already have a will and planned asset distribution may need to revamp their last will or revocable trust to include three concerns they may have previously overlooked: aging parents, pets, and digital assets.
Estate planning helps ensure that your loved ones understand your wishes and that they are cared for following your death. Benjamin Franklin once said that by failing to prepare, you are preparing to fail. That could not be more true when it comes to estate planning. Statistics show that nearly 70 percent of Americans don’t create an estate plan. Without a plan, your assets can be awarded to people whom you did not choose, or go to the Internal Revenue Service.
Traditional wills guide the proper transfer of assets to beneficiaries after death. The creator of the will, called a testator, writes a will to document how the estate—the accumulated property and possessions—are to be distributed to beneficiaries. An executor, also called a Personal Representative oversees that the directions of the will are carried out.
Understanding How a Will is Created
When creating an estate plan, consider adding a Medical Directive. Some opt for a living will while others prefer to have a durable health care power of attorney. Before creating this document, however, you need to learn the laws of your state to ensure the document meets the legal requirements. With the help of the document selected, your healthcare provider will be able to follow your wishes rather than doing what he or she feels is best.
While reaching a point where help is needed to conserve an estate or ensure an individual receives needed care, there are processes in place to protect individuals. Although most attention is given to seniors, individuals of any age may require protection. One question which often arises is the difference between Guardianship and Conservatorship. Eldercare legal experts from Life Care Planning Law Firms Association (ICPLFA) are available to work with clients finding themselves in need of assistance. So, What is Guardianship and Conservatorship?
When an elderly family member needs full-time care, the best option may be a care center dedicated to providing an environment where residents can get the care they require. Most facilities provide an acceptable level of care, and residents often thrive. However, there are situations where residents do not appear to receive the level of care required. When issues develop, eldercare experts are often needed to assist in resolving those problems.