Helping your elderly parents face the financial and health-related challenges that come with growing older can put quite a strain on your other responsibilities. Enlisting the help of the right professionals leaves you with more time to spend with your family. Since there are complex state and federal regulations regarding wills and other paperwork necessary for settling an estate, it is best to consult an experienced estate planning attorney. There are ten specific benefits to working with an elder lawyer.
1. Ensure the last will and testament of your parent or relative is legally binding and properly designated.
2. Designate a power of attorney contract to ensure the right person is responsible for making medical and financial decisions if the person becomes incapacitated.
3. Create a living will. Living wills help your elderly relatives make their wishes clear and save you a lot of stress when the time comes for difficult decisions.
4. Avoid mistakes. A practicing estate planning lawyer can craft a strong will that covers all the bases, while most packages designed to help you do it yourself lack coverage of crucial areas.
5. Handle any business or investment transfers smoothly and without delays.
6. Address complex situations where blended or extended families are involved. Planning the estate is much more complicated if your elderly relatives have had more than one marriage.
7. Minimize the taxes heirs will need to pay by choosing the right type of trust.
8. Update and change any existing wills and estate paperwork. Changing laws and family structures make old agreements insufficient very quickly.
9. Take care of disabled family members for their rest of their life. A good probate lawyer can help craft a plan that ensures that the people in your family with special needs never go without support.
10. Make the process easier. Planning an estate is stressful for both the elderly and their helpers, but an experienced professional helps.