Those who are advanced in age in the Kent area know how important having an estate plan can be. There are specific documents that an older person should have when it comes to estate planning.
First, a person should have a will or a trust. A trust is a good choice in order for the estate to avoid probate. A will is good for an individual who wants to give certain assets to certain people. This can help reduce the family disputes over their inheritance. In addition to a will or trust, a person also needs a power of attorney. A designated person to make legal and financial decisions when a person is incapacitated is a very important document to complete. A designated health care proxy, sometimes known as a health care power of attorney, is also important to make medical decisions for another person when they are incapacitated. In addition to a power of attorney, a living will is a document that can help guide medical professionals in making decisions about medical care. A living will specifies what a person would want done to them medically at the end of their life.
There are many important documents an older person should have in place. These documents ensure their possessions, their finances and their medical care is protected when they are incapacitated or pass away. A legal professional who is skilled in estate planning can help a person figure out what estate planning documents are needed. An attorney understands that each person has a unique estate planning situation and can offer suggestions and advice for their client.
Everyone needs estate planning documents, no matter what stage of life they are in. Incapacitation can happen to anyone, regardless of age, and having a plan in place can offer peace of mind.
Source: recordonline.com, "Bonnie Kraham: Components of an elder law estate plan", Bonnie Kraham, Dec. 21, 2017