Is there more to estate planning than just getting a will? It’s a common question and many are surprised to learn that there is more to estate planning than just the will. There are some very important things you need to know when planning your estate and we at Moses Elder Law are here to help guide you through it. Over 65% of Americans die without a will, so you can just imagine how many pass without the extra measures that need to be taken. The time is now when you are living and in a sound state of mind, to take action so that when you do die, you can go with peace of mind, knowing your wishes will be honored.
Three Important Things You Need Besides a Will
For those who want to direct who gets their assets and other directives to be carried out in the event of their death, there are some basic steps that are necessary to take. Keep in mind that generational planning is advisable for all ages, not just the elderly.
- Designations of Beneficiary or Beneficiaries: Did you know that your will does not determine who gets your life insurance policy, 401K or retirement account? Many are under the assumption that these are included when designating a beneficiary in a will, but that is far from the truth. It’s vital to keep those forms up to date, especially in the event of a divorce, the addition of more children or grandchildren and other life changes.
- Medical Power of Attorney: A medical Power of Attorney (POA) is a person you elect to make decisions about your medical situation in the event that you could not. The individual would be able to admit you to a hospital or long-term care facility, consult with your doctors or caregivers and access your medical records. Your POA will make sure your Advanced Medical Directives are followed such as if you will receive a living ventilator or tube feeding. It is safe to say that your life is in the hands of the person you give this very important job to. It is imperative that you not only designate someone to carry out your medical wishes but that you define your medical wishes through a Living Will.
- Financial Power of Attorney: Who would you trust to make financial decisions if you were not around or weren’t capable of making them yourself? Financial Power of Attorney allows an appointee to tend to your financial affairs. You can even decide the scope of the powers you wish to grant but only if you act in advance, of course. Otherwise, the state will decide for you and they may choose someone that you would not. Please note that a Medical Power of Attorney does not denote the person to be your Financial Power of Attorney.
Other Vital Considerations
There are many other things that need to be addressed in addition to the three things above. Who would care for your children and what special instructions would you like carried out? What about a special needs child, especially one who will require partial or full lifelong care? How can you avoid a long probate? What about your Veterans Administration benefits? At Moses Elder Law, we have experienced attorneys who specialize in elder law, wills of all types, probate, assignment of POA and everything else you will need to attend to in order to make sure your estate is thoroughly planned to the specifications you desire. We leave no stone unturned to assure your last wishes are granted.
Here to Serve You
Some of the services we offer to assure your estate planning is more than just getting a will are:
- Wills, trusts and full estate planning including special focus for those with surviving spouses planning for their aging years and who will succeed them, parents with minor children (conservatorships and guardianships) and business planning.
- Trusts for those who wish to avoid probate, protect special needs children and save assets.
- Planning of elder law for individuals and couples who are planning or contemplating Medicaid eligibility and protection of assets from family members, etc.
- Probate and estate settlement to ensure assets are transferred with ease and minimal disagreements.
At Moses Elder Law, you can trust our seasoned attorneys to guide you through the estate and elder planning with ease and expertise. We make the process as pleasant as it can be and leave you with the peace of mind that your assets and your loved ones will be taken care of just as you wish.