Estate Planning FAQs

What Must I Consider When Planning My Estate?

When you meet with your Elder Law and Estate Planning Attorney, it is important that he or she be made aware of your entire family and financial situation. You assets include not only your home, car, and bank accounts, but also the value of any life insurance policies you own, investments (including those owned jointly with others), retirement accounts, among others. It is important to inform your Attorney of any special circumstances, such as a disabled child or a spouse receiving government benefits, for example. Also make certain that the Attorney reviews any trust document that establishes a trust of which you are the Grantor or Beneficiary. Such trusts may affect the estate planning necessary for your particular situation.

What Decisions Will I Have to Make?

Estate Planning involves many decisions. For example, questions you should ask yourself include: Should my spouse inherit all my assets? Will my spouse be capable of managing the assets he or she inherits from me, or should the assets be placed into a trust? If the assets are placed into a trust, should the trustee be a relative or personal friend, or should a corporate trustee manage the trust? Who will be the Executor of my estate? Do I want to make any specific bequests to non-family members or charities? One you have made these decisions, among others, you Elder Law and Estate Planning Attorney will be better able to advise you regarding your own Estate Plan.

What About Planning for Disability?

Part of Estate Planning includes considering and making known your wishes concerning health care. You will need to decide who will be your agent regarding your health care and finances in the event you can no longer make health care and financial decisions yourself. To ensure that your wishes are followed, your Estate Plan will include a Health Care Proxy, and Durable Power of Attorney. You should also give thought to long-term care planning. Will you be able to pay for long-term care by using your private funds, or is a long-term care insurance policy best for you? Alternatively, could you qualify for Medicaid, which would serve to cover your long-term care cost?