Elder Law, Estates, Wills and Probate

A valid estate plan can save you hundreds, even thousands of dollars. Without a valid Last Will and Testament, your Estate could be subject to thousands of dollars of unnecessary charges. A valid Will is and easy and cost effective way to manage your estate. Preparing other documents, such as a Power of Attorney and Medical Directive, can allow someone to help you manage your affairs if necessary. The time to prepare those documents is before your need them! Estate Planning issues are handled by Diana L. Anderson, Esq., a Certified Elder Law Attorney, as Certified by the National Elder Law Foundation and a Member of the National Academy of Elder Law Attorneys, Inc. (NAELA).

In order to start planning your estate, you will need to provide an attorney with information about your assets and be prepared to answer the following questions:

• Your full name and your spouses name and address
• Names and addresses of any children and grandchildren
• What is the ownership of all assets - are they held jointly, payable on death, or owned singly
• What is the estimated value of your estate?
• Any Charitable bequests?
• Who will serve as the Executor of your Estate? As the Attorney-in-Fact for a Living Will and/or Power of Attorney?
• Who will serve as the Trustee if any assets are left to minors?
• Do you need to consider guardians for any minor children?

There are three basic tools to any Estate Plan: 1) Power of Attorney; 2) Will; and 3) Living Will (also known as an "Advanced Medical Directive".)

Power of Attorney

A Power of Attorney, either limited or general, can serve different functions: business, investments, and personal matters. It is a contract between you and the person you have appointed as your "attorney-in-fact", and it allows the person you have chosen to assist you with your financial affairs.

Will

A Last Will and Testament is the single most important document in any estate plan. A Will can ensure that the assets covered by the will are distributed to the people you have chosen such as your spouse, your family, your friends or your house of worship. It can help reduce the taxes your beneficiaries have to pay, and can provide protection for a surviving spouse.

Living Will or Advanced Medical Directive

An Advanced Medical Directive gives the right to make health care decisions to another person, who will be able to judge your medical condition, tolerance for pain, desire to remain in treatment, etc. at the time it is needed, and help you if you are unable to make those decisions on your own.