Estate Planning
Elder Advisors Law provides comprehensive estate planning services tailored to the unique needs of older adults and their families. Our services include Healthcare and Financial Power of Attorney documents, Last Will and Testament, Trusts, and Advance Directives.
The caring and competent attorneys and associates of Elder Advisors Law work closely with clients to understand their specific circumstances and goals, offering personalized advice and legal solutions to ensure their wishes are effectively documented and legally sound.
Elder Advisors Law aims to help clients achieve peace of mind and security for themselves and their loved ones by addressing issues such as inheritance, healthcare, and end-of-life planning.
Power of Attorney
A power of attorney is a legal document that allows a person to appoint another person or organization to act on their behalf in legal or financial matters. The person who grants the power of attorney is known as the “principal,” and the individual or organization appointed to act on their behalf is the “agent” or “attorney-in-fact.” The power of attorney grants the agent the authority to make decisions, sign documents, and conduct business on behalf of the principal. This authority can be broad or limited, depending on the terms of the power of attorney document. It’s an important legal tool that can help ensure that important decisions can be made and actions taken when the principal cannot do so themselves.
Last Will and Testament
A last will and testament is a legal document that allows a person to outline their wishes regarding the distribution of their assets and the care of their minor children after their death. It allows the person, known as the “testator,” to specify who will receive their property and in what proportions. The will also allows the testator to appoint an executor, who will ensure that the terms of the will are carried out. Without a valid will, the distribution of the testator’s assets will be determined by state law, which may not align with their wishes. Creating a last will and testament is an important part of estate planning and can provide peace of mind, knowing that one’s wishes will be honored after they are gone.
Trusts
A trust is a legal arrangement in which a trustee holds and manages assets on behalf of one or more beneficiaries. The person who creates the trust, known as the “grantor” or “settlor,” transfers assets into the trust and outlines the terms and conditions under which the assets will be managed and distributed. Trusts are used for estate planning, asset protection, and charitable giving. They can be revocable or irrevocable, meaning the grantor may or may not retain the ability to modify or terminate the trust. Trusts can provide a level of control over how assets are distributed, offer tax benefits, and help avoid the probate process. Overall, trusts are a versatile and valuable tool in managing and transferring wealth.
Advance Directives
Advance directives refer to legal documents allowing individuals to express their preferences regarding medical treatment and appoint someone to make healthcare decisions on their behalf if they cannot do so. There are two main types of advance directives: a living will and a durable power of attorney for healthcare. A living will outline a person’s wishes regarding medical treatment if they become incapacitated and cannot communicate their preferences. A durable power of attorney for healthcare, also known as a healthcare proxy or medical power of attorney, allows an individual to appoint a trusted person to make medical decisions on their behalf if they cannot do so. Advance directives are important components of end-of-life planning and can provide peace of mind, knowing that one’s healthcare wishes will be respected if they cannot make decisions for oneself.
