Approaching elderly age does not need to be worrisome or stressful. With proper elder law planning, you can live out the coming years in comfort while preserving your assets for the next generation. However, it is understandable to have questions about this process and wonder what your next steps should be.
A Bay City elder law attorney could help you make concrete plans for the future and put your mind at rest. The skilled legal team at Hegwood Law Group is here to assist in evaluating your current estate plan, laying out realistic goals, and drafting documents that meet the relevant legal requirements.
Addressing Plans for the Coming Years
Just because a person is approaching retirement age does not mean that their life is over. On the contrary, many retirees have decades left to spend with loved ones, enjoy hobbies, or travel to long-awaited destinations. Effective estate planning for seniors can help make these goals a reality.
One helpful option is to place high-value assets into trusts. A trust can ensure that one’s assets move to a named beneficiary in the future. At the same time, placing items in a Family Fortress Trust means that your assets are immediately protected from future creditors. This could help a person who is anticipating a move into a nursing home to qualify for Medicaid assistance.
Living Wills and Powers of Attorney
Another common choice that helps people retain control over their future is the living will. A living will provides medical care instructions to doctors and family members if a physical or mental condition leaves a patient unable to provide consent. A similar but separate document known as a power of attorney authorizes another to act on behalf of a subject regarding property rights and legal action. An elder law attorney in Bay City could further explain these options for effective estate planning.
Elder Law Planning and End of Life Considerations
Elder law plans must also make accommodations for what will happen to a person’s assets after their death. These assets can include cash in bank accounts, real estate, physical property, or shares in a business.
Last Will and Testament
The traditional option is to create a will. Even those who use other testamentary documents to build their plans should still have a will in place. Our team is ready to evaluate a current will and draft new documents that accurately reflect a client’s wishes. We understand the legal standards present in Texas Estates Code § 251.051 and could draft documents that meet these requirements.
Other Options for End of Life Wishes
A will is not the only way to provide for one’s heirs. A trust that pays out benefits upon a maker’s death can serve the same purpose while avoiding costly and lengthy probate hearings. In addition, a business succession plan can leave instructions for a board of directors or dictate which heirs a company owner wants to take over a business. Our local elder planning lawyers are ready to craft end-of-life plans that provide for the future of heirs.
Let a Bay City Elder Law Attorney Guide You
Elder planning involves considering what may happen in the coming years as well as what will happen after your death. While having a will in place is always a good idea, other options such as trusts and business succession plans can have the same impact with increased flexibility. These documents may also provide more immediate benefits that help you to live in greater comfort.
Our team is ready to speak with you about your concerns and answer your questions. Our Bay City elder law attorneys can work to evaluate your current plan, identify areas of need, and draft documents that meet the necessary legal requirements. Reach out to our firm now to get started.