Your elderly mother is getting forgetful and confused. What do you do now?
Some people think that, because their assets are jointly owned with a spouse or are in a trust, they do not need a Power of Attorney, or that if they become incapacitated, their spouse automatically has the authority to make medical decisions on their behalf.
Will there be changes in your circumstances or your family that should lead to a review of your plan? Could some events cause you to need to revise or update the plan?
A common dilemma that families face upon the incapacity or death of a loved one is locating estate planning documents. While preparing the documents are the most important step, that is irrelevant if the documents are lost when they most need to be used.
Changes in tax law and in your personal life may mean that yours needs to be updated. Here are the easiest (and smartest) ways to do it.
The law sometimes appears to contradict itself. Specifically, the words ‘anything and everything’ do not always legally mean ‘anything and everything’.
Dealing with a sick family member is a challenging and emotional time.
An end-of-life program that enables patients with advanced cancer to document their wishes can enhance feelings of life completion, improve relationships with healthcare providers and decrease death-related anxiety, according to a presentation at the 2021 Virtual Association of Community Cancer Centers National Oncology Conference.
As a review of terms, a will is a legal document that specifies how a person’s estate should be handled only after that person’s death. A living will has nothing to do with how your “things” like property, money, jewelry, etc. are to be distributed. Unlike a will, it is, in fact, a document that comes into play while you’re still alive.
Estate Planning may not be something you necessarily WANT to think about, but it could protect your interests and wishes long after you are gone.