If you are approaching the golden age of retirement, you should be asking yourself many important questions. Among these are how to provide for the needs of your children and grandchildren, protect significant assets in the future, and plan for long-term healthcare.
These concerns all full under elder law. Creating testamentary documents, ensuring the care of loved ones, and retaining control over the future is possible with the help of our New Castle elder law attorneys. Our estate planning lawyers could work with you to understand your needs, address your concerns, and draft the necessary documentation to give them legal weight.
The two main ways to allocate your assets are wills and trusts. A skilled attorney in the New Castle area could help you choose the best way to prepare for your and your loved ones’ futures.
When most people think about elder law, they imagine the creation of a will. In fact, every adult should have a will that dictates what they wish to happen to their assets after they pass away.
A will informs the Orphan’s Court – a subdivision of the Court of Common Pleas that protects the personal and property rights of those who are unable to manage their own affairs – about a party’s wishes for after their death. A will can assign property to heirs, as well as nominate an executor to oversee this distribution.
When forming a will, it is vital to follow the rules outlined in Pennsylvania Consolidated Statutes, Title 20 §2502 concerning the execution of these documents. A New Castle lawyer experienced in elder law could assist you in writing a will.
Trusts are a more flexible option that could provide for loved ones at any point in the future. They could also help senior citizens qualify for Medicaid and protect the family home if they anticipate moving into a nursing facility.
While it is vital to consider what will happen to your assets after death, it is just as important to protect your rights before that time comes. If a medical condition eventually jeopardizes your ability to express your wishes for care, known as “incapacitation,” a living will can be useful.
According to PA Consol. Stat., Title 20 §5453, a living will can indicate which forms of healthcare an individual wants to receive, as well as those they decline. Incapacitation also impacts a person’s legal rights, so it is advisable to proactively create a power of attorney.
Powers of attorney grant other people the ability to make legal decisions on behalf of the signatory. This can include the sale of property or the right to apply for government benefits. A diligent attorney could offer more insight on how to ensure a comfortable future through effective elder law planning.
Wills, trusts, and living wills all have their place in your plans for the immediate future, as well as what will transpire once you pass away. Our New Castle elder law attorneys could help you identify your needs and create the documents required to protect yourself and your loved ones. Contact us today to learn more.