Elder law and estate planning law are terms that are often used interchangeably, with people mistakenly referring to both as the exact same thing. However, while elder law and estate planning law may – and often do – go hand-in-hand, the two areas of law have some noteworthy distinctions. Depending upon your age and the specifics of your life, you may need the services of an elder law attorney, an estate planning attorney, or an attorney who focuses on both areas, such as Patricia Bloom-Mcdonald, Attorney at Law. Consider these differences between estate planning and elder law, and reach out to a qualified professional to learn more:
An estate plan refers to a comprehensive set of legal documents that are designed to address how your estate is to be managed when you are no longer able to make decisions, either as a result of an incapacitating illness or death. While creating an estate plan requires thinking about one’s own mortality – and is therefore something that many put off doing – creating an estate plan is of critical importance.
Probate is the legal process of transferring property and distributing assets through the court system after a person’s death. Often times, the probate process also involves the proving of a legitimate Last Will and Testament, the payment of any creditors, the filing of the deceased’s taxes, and the changing of ownership of real estate and/or personal property.
Creating a Last Will and Testament is one of the most important parts of forming an estate plan. To be sure, a Last Will and Testament allows a person to designate the distribute of their property to loved ones, beneficiaries, and third-parties; it offers peace of mind that estate matters are being handled per the creator’s wishes.
Most people know that creating an estate plan that addresses what will happen to your assets, property, and minor children in the event that you die is very important. However, fewer people address the significance and importance of incapacity planning, despite the fact that incapacity planning is equally as critical. At the office of Patricia Bloom-Mcdonald, Attorney at Law, our incapacity planning lawyer can sit down with you to help you create a comprehensive blueprint for how to navigate the future.