Elder Law | What Is Elder Law ?
Elder Law | Is an area of legal practice that handles issues facing the aging population. Attorneys in this area of practice
typically handle wills and trusts. In addition, they also help with disability planning, guardianship, Medicaid planning and
elder abuse. When creating a will, there are numerous points to consider.
Dividing Property and Finding Someone to Execute the Will
The first step in developing a will is to determine what assets to include in the document. Once an individual creates a list
of property, the next step is to determine who will inherit the property. The person creating the will should also consider
alternate options in case a beneficiary dies unexpectedly. During this step, it is also important to choose someone to
execute the will.
Choosing Someone to Manage the Property
A person may need to manage the property if it involves children or special needs adults. For example, a property
custodian can control a child’s inheritance until he or she reaches an appropriate age. Creating a living trust is also
beneficial because it can lower the inheritance tax. Since a living trust does not have to go through probate, heirs will
receive their assets quicker when the time comes.
Keeping the Will Safe and Accessible
Those who create a will or trust should store the documents in an accessible location. Family members should be able to
find the documents when needed. Make sure to review the will at least once every three to five years. An elder law
attorney can help if an individual wants to adjust the will.
Creating an estate plan and a living will helps respect a person’s wishes upon his or her death. An attorney can help
individuals define how they want their property distributed. When someone dies without a will, the state usually assigns an
administrator to divvy up the property. An elder law attorney can help individuals put their wishes on paper so they can have peace of mind.