If you are approaching your golden years, it may be time to make plans for your immediate future. This could include instructions in the event that you are unable to make your own medical and financial decisions. Testamentary documents, such as a Will, can also establish your goals for after you pass away.
Estate planning is never an easy thing to think about, but speaking with a Wake Forest elder law attorney can make the process less stressful. A diligent attorney can explain your legal options and help craft documents to secure your family’s future.
The number one thing that elder law attorneys recommend is having an estate plan. This can provide direct instructions for the court as well as the person you choose to oversee your estate, known as the executor.
The most traditional form of estate planning is a Will. This document lays out your wishes for your assets after you pass away. An elder law attorney at our Wake Forest office can help to craft a Will that meet your specific needs and desires. Additionally, a lawyer can explain the relevant laws and ensure that your Will meets the requirements listed in North Carolina General Statutes § 31-3.3.
Of course, a Will is not the only way for senior citizens to transfer property. A Trust is another popular tool in elder law that helps to move property while diminishing tax obligations and avoiding probate. This strategy can also be useful for transferring ownership of a family home or planning for Medicaid eligibility. Elderly Wake Forest residents and their families should further discuss these various options with a skilled lawyer.
Of course, proper estate planning does not just include having a Will. While this is certainly an essential part of elder law, you may also want to consider what will happen if you are unable to make decisions for yourself due to mental or physical injury.
A Living Will can outline your desires for these scenarios. This document establishes instructions for medical providers if you become incapacitated, and any doctor presented with a valid Living Will must follow the terms provided. For instance, a Living Will might include a directive to perform experimental treatment, a do not resuscitate order, or other instructions for specific situations.
When planning for the future, you may also wish to consider a power of attorney. This tool can give power to other people to make certain decisions on your behalf, depending on the type of document. For instance, a general power of attorney grants broad powers while a limited power of attorney provides permission to perform specific tasks, such as the sale of property. A Wake Forest elder law attorney can help to craft these documents to protect your rights in the event that you become incapacitated.
A proper estate plan is essential for all adults, especially senior citizens. A sudden illness or accident can impact anyone, but a comprehensive plan can ensure that your end-of-life wishes will come to fruition.
A Wake Forest elder law attorney can listen to your needs and recommend an estate plan that fits your situation. Additionally, an experienced lawyer can draft documents that carry legal weight, bringing peace of mind that your wishes will be respected. Contact our firm today to learn how we can help prepare you and your family for the future.