There are many terms used in Elder Law that may be confusing to those who are planning for their future, or those who are dealing with the wishes of a loved one. The following are some commonly used terms in estate planning and Elder Law.
An advance directive is a document that allows a person to fully state their wishes for their medical treatment in the event that they become incapacitated and unable to communicate these wishes at a later date.
A power of attorney is a legal document in which a person gives permission for another to act on their behalf. There are several types of powers of attorney. A general power of attorney allows the person to do anything the grantor could do. A special power of attorney gives the person the ability to do certain things, such as pay bills, make medical decisions or sell property.
Probate refers to the process of validating a will and disposing of assets as prescribed in the will. Most locations have special probate courts that are dedicated to this process.
The executor of an estate is a person that is granted power over all assets in the estate. The executor must act as the deceased person directed in the terms of their will.
A trust allows for assets to be distributed to beneficiaries at a specific time or for a specific purpose. This allows a person to have more control over the distribution of their assets to their beneficiaries. There are many types of trusts; each trust has its own benefits and drawbacks.
For more information on these terms, or for answers to your questions about Elder Law and Estate Planning, contact our offices today. We are your Massachusetts Estate Planning Lawyer,Massachusetts Nursing Home Attorney and Massachusetts Elder Law Attorney. We can answer all of your questions and help you plan for the future, so you don’t have to worry about the division of your assets or those of a loved one.