I am often asked — what is the difference between a Medical Power of Attorney and Living Will? There are several differences between these two documents, but the primary difference lies in the scenario where each is used. A medical power of attorney allows a trusted friend or family member to act on your behalf regarding your medical decisions. This only arises in situations where you are unable to make medical Read More
Four Mistakes Many Executors Make
When it comes to handling the probate of a loved one it is easy to fall prey to these mistakes. These mistakes are made by surviving spouses, surviving children, surviving partners and other heirs but are easily avoided with a little planning and preparation. 1. Working with the wrong lawyer or law firm. This mistake can be hard to avoid. You may have called the person who prepared the will or was recommended by a Read More
Do You Know the Difference Between Medicare and Medicaid
Many people confuse medicare and medicaid. Medicare is provided to seniors over the age of 65. It is a federal health insurance program. Medicaid is a needs based federal assistance program that pays for health care for individuals with few assets and low income. Because the criteria for the two programs is different, qualifying for one does not mean you qualify for both. The asset and income eligibility limits Read More
What to do After an Estate Plan is Complete
You have taken the important step. You have visited with your attorney and completed your estate plan with their help. Now what? Do you just put the documents in a file and never give them another thought? On the contrary, there are several steps you should take. You should speak with every person named in the documents. Make sure they understand what you are asking them to do and ensure they know where to find Read More
The Death of an Adult Child
The loss of a child is never easy for the parents who have to bury them. However, the pain of this loss can be compounded if the adult child does not have a will. A will provides direction to those left behind for how all of the loose ends should be tied up. What happens if there isn’t a will? If there isn’t a will the state statutes direct distribution of the estate. The statutes also dictate who has standing to Read More
Minor’s Trusts
Trusts are used for a variety of planning purposes. One such use is a trust commonly included in wills. It is a minors trust. A minors trust allows you to place any inheritance that would be received by someone under the age of 18 into a trust. The trust then functions in several ways. First, it allows the minors caretaker to gain access to the funds for the health, education, maintenance and support of the Read More
Your Digital Estate Plan – Part 2
Last week I discussed the importance of having a digital estate plan. It is also important to know what the guidelines are for the services you use regularly. I have included a few such services below. This information is only a guideline and you should check the exact nature of the agreement with each of your service providers. Facebook Facebook offers to remove or “memorialize” an account upon proof of death. Read More
Your Digital Estate Plan – Part 1
Have you given any thought to what will happen to your digital assets? This is an often overlook area in any estate plan. We remember to take care of our houses, cars, bank accounts and insurance policies. But what happens to your frequent flyer miles, facebook page, linked in profile, credit card reward points and the list goes on and on. Furthermore, will those left behind know your passwords for these Read More
Planning for a Possible Future Incapacity
We all hope to live a long fulfilled life. That picture usually includes living in the home of our choice and making all of our decisions. However with modern medicine prolonging life spans, more and more people are finding themselves needing care at the end of their life. This care can be as simple as someone coming in to clean the house, help with household chores and fix a few meals. The other extreme is the Read More
Frequently Asked Questions About Wills
Can I use a computer or online program to prepare a Will? You can but this should be done with extreme caution. If the will does not dispose of all of your property, have appropriate language for an independent administration, or include a self proving affidavit, you could actually increase the cost of probating your estate. Other problems could arise from using a software program as well. If I have a Will from Read More
