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Creating an Estate Plan When You're Elderly or Ill

Nashville Blog 2018 November Creating an Estate Plan When You're Elderly or Ill
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Creating an Estate Plan When You're Elderly or Ill

Posted By David Whittaker, Attorney at Law || 5-Nov-2018

Not everyone runs to an estate planning attorney’s office to draw up their estate planning documents, but everyone should. The problem is it can be hard for some people to think about dying or what will happen to their loved ones after their death, so they’ll put off estate planning until after retirement or until they become ill with a terminal disease.

In reality, no one should put off estate planning because they never know when an accident or fatal illness will strike, but my opinion is “better late than never!” If you’ve put off estate planning because the thought of immortality made you uncomfortable or because you never got around to it, I understand where you’re coming from.

If you are now in your Golden Years or if you’re younger and you’re ill, now is the time to take concrete steps to establish a solid estate plan that will give you peace of mind.

You will want to consider the following:

1. A will: A will says which beneficiaries get what and when. If you are married, a certain share of your assets will go to your spouse unless he or she was disinherited through a prenuptial or postnuptial agreement.

2. A revocable living trust: Some people have a will and a revocable living trust, while others only have a trust. Either way, trusts are beneficial because any assets funded in a trust avoid probate fees and delays. Some families save a significant amount of money by having a trust, which they can control while they’re alive and capable.

3. Naming a guardian if you have minor children: If you have minor children, it’s important to name a guardian for them in your will. If you do not name a guardian and their other parent is not alive, they could end up in foster care. Since parents want to avoid this possibility, they name a guardian, someone who they trust raising their children in their absence.

4. Your beneficiary designations: In some cases, a large portion of a person’s assets are controlled by beneficiary designations, such as those involving bank accounts, 401ks, IRAs, and life insurance. While estate planning, you want to ensure your beneficiary designations reflect your current wishes.

5. An advanced directive: An advanced directive gives someone you know and trust the authority to speak on your behalf about end of life care when you cannot. If you do not name someone in an advance directive, the court could step in and name someone for you and this person may not be the one you would have chosen.

6. A durable power of attorney for healthcare and finances: A durable power of attorney for healthcare ensures the person named in your advanced directive has the power to make important decisions about your medical care when you’re incapacitated.

A durable power of attorney for finances gives someone you trust the power to handle your assets when you are no longer able to – this often happens with advanced age. For instance, this would give your husband or wife the authority to use your checking account to pay the rent or mortgage.

If you don’t have a DPOA for finances, loved ones would have to ask the court to appoint a conservator to handle your finances and though that’s an option, it complicates matters for your family during a stressful time.

Related: Dying Without a Will in Tennessee

To start the estate planning process in Nashville or Franklin, contact my firm today.

Categories: Probate, Trusts, Wills, Beneficiary Designations, Estate Planning, Conservatorship, Intestate Estates, Revocable Living Trusts, Living Trusts, Deathbed Wills

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David Whittaker, Attorney at Law

Call Today: (888) 492-4735

David Whittaker, Attorney at Law - Nashville Probate Attorney
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