A critical component of executing your Last Will and Testament is selecting your beneficiaries. Generally, you can name anyone you want to be a beneficiary with the exception of the witnesses signing the attestation clauses to validate your will. All beneficiaries must also be living. A deceased person cannot inherit property.
Long term care insurance covers care when placed in a nursing home facility and depending on the terms of the specific policy, may also cover some types of in-home care. Many now wonder how the pandemic of 2020 will impact long term care insurance now and going forward.
Whether it is your precious pup, a thoroughbred horse or an exotic tiger, it is important to consider how your beloved pet will be cared for in the event you pass away, become incapacitated or simply can no longer provide sufficient care. We often advise clients to create a pet trust which is a legal document that offers instructions for the continuing care of your pet(s).
A trend is emerging in wealth planning where multi-generational as well as extended family members come together for integrated family planning to ensure a united and longer lasting legacy.
The recent pandemic has made the issue of signing documents, especially executing a will, more difficult due to the social distancing requirements and personal safety concerns. Law firms, as well as other businesses, have been forced to rethink many procedures that relate to document signing.
A “Life File” consists of any documents or log in credentials that would be required to assist your executor or guardian in accessing and managing your health and financial affairs should you die or become incapacitated. Everyone over the age of 18 should have an up-to-date “Life File” and provide the means for it to be accessed by a trusted friend or family member.
In the United States, all states have enacted some version of the Uniform Anatomical Gifts Act which governs the process of organ donation for the purpose of transplantation. Any adult may choose to become an organ donor. You make this choice by either registering with the MVA or indicating your intentions in your estate planning documents.
Both aging parents and adult children may be apprehensive about broaching topics related to long term care, incapacity and/or estate planning. Children may not want to appear greedy while aging parents may not want to show any vulnerability.
If you have a loved one currently in a nursing home, you may be concerned about the care received, risk of exposure to COVID19 and other deadly illnesses, and precautions being taken to ensure safety.
