Wills, Trusts and Estate Planning
A Last Will and Testament is an essential document regardless of the size of your estate because it allows you to direct where your assets will go after your death, who will administer your assets and who will care for your minor children.
There are many types of trusts which individuals can use to administer assets during their lifetime or after their death. It is essential for individuals who may need long term care or public benefits to have a qualified elder law or special needs attorney review their trust to ensure that they do not have unintended benefits consequences.
Everyone should also have a plan for the orderly management of financial and medical decision-making in the event of disability. The simplest method of substitute management is the use of a Durable Power of Attorney. The principal designates a person, called the agent or attorney-in-fact, to manage their financial affairs.
Just as an individual can name an agent to make financial decisions, he or she should appoint an agent to make medical decisions using a Health Care Proxy. Many individuals also choose to detail their wishes in Advanced Medical Directives including a Living Will which describes the kind of health care measures they would desire if they were seriously ill with no reasonable hope of recovery.
