Wills and trusts are binding legal documents, but that doesn’t mean they’re written in stone. They can be altered as the circumstances in your life change. In this blog post, we will review why you may need to update your will, living will or trust.
1. Marriage or divorce
If you’ve just gotten married, you’ll want to determine what portion of your assets should go to your spouse following your death.
If this is a second marriage or you have children from a previous relationship, you may need to consult with an estate planning attorney on how to provide for all your loved ones.
And although getting divorced usually cuts your spouse out of your will, you’ll still need to determine other matters, especially if your will had called for them to serve as your executor or guardian of your children.
Continue Reading Why You Need to Update Your Estate Planning Documents
If your child has reached the teenage years, you may already feel as though you are losing control of her life. This is legally true once your child reaches the age of 18 because then the state considers your child to be an adult with the legal right to govern his or her own life.
Up until your child reaches 18, you are absolutely entitled to access your child’s medical records and to make decisions regarding the course of his treatment. And, your child’s financial affairs are your financial affairs. This changes once your child reaches the age of 18 because your now-adult child is legally entitled to his privacy and you no longer have the same level of access to or authority over his financial, educational and medical information.
As long as all is well, this can be fine. However, it’s important to plan for the unexpected and for your child to set up an estate plan, with the assistance of an estate planning attorney in Bucks County, that at least includes the following three crucial components:
Continue Reading Take These Three Steps When Your Child Turns 18
If you or a loved one has been diagnosed with Alzheimer’s disease, it is important to start planning immediately. There are several essential documents to help you once you become incapacitated, but if you don’t already have them in place you need to act quickly after a diagnosis. Consulting with an elder law attorney is an essential part of this process.
Having dementia does not mean that an individual is not mentally capable to make planning decisions. Simply having a form of mental illness or disease does not mean that you automatically lack the required mental capacity. As long as you have periods of lucidity, you may still be competent to sign planning documents.
Here are some essential documents for a person diagnosed with dementia:
Continue Reading Four Legal Steps to Take After an Alzheimer’s Diagnosis
Moving your spouse into a nursing home can be a weighty decision, emotionally and financially.
If you don’t take the right steps, there is a chance that transitioning to a nursing home will drain your spouse’s finances, and possibly even your own.
In this blog post, we’ll look at some common mistakes to avoid before your spouse transitions to a nursing home.
Continue Reading Costly Mistakes to Avoid When a Spouse Enters a Nursing Home