Did you know that 67% of people in the United States are without an estate plan? An estate plan is essential for ensuring that your assets go to the right people after you die. It is also important for making sure that your assets aren’t seized by creditors or other people.
The problem is that many people don’t know much about estate planning, elder law, or probate assets. Many people are confused about the differences between them, too. Is one option better than the other?
How can you get started planning your estate and assets? Keep reading and learn more about how it works below.
What You Need to Know About Elder Law
Elder law focuses specifically on legal issues that people over the age of 65 need to consider. Many people in this age range need to think about their assets and where they want them to go after they die.
The problem is that many older adults don’t have any plans for their assets and money. Some might not have a will, let alone an entire estate plan. Some may feel that having an estate plan isn’t necessary.
They may not have many assets or much money to sort out after they die. But it is still important to have a plan. Without one, a person’s assets might go to the wrong people.
Elder law goes beyond estate planning as well. It also tackles Medicare, social security, long-term healthcare, and more. It may also concern guardianship and tax issues.
The Details
Many seniors don’t know the first thing about tax issues or estate plans. They might not have any plans because they don’t know where to start or what they need. Elder law aims to fix that.
A lawyer that has experience in elder law planning can make this process easier for seniors. Elder law attorneys know how to explain things to seniors so that they make more sense. They can also help guide seniors toward the best options so that their assets go to the right people after they die.
A lawyer can also help a senior determine what kind of healthcare they want to receive as they get older. They might reach a state where they can no longer care for themselves. It is important to have a plan for when this happens so that the person can receive the care they want.
This allows them to remain comfortable and content in the later years of their lives.
What Is Estate Planning?
While estate planning is a part of elder law, it is not confined to elders. Anyone can create an estate plan, no matter their age. It is recommended that people create an estate plan as soon as possible, even if they’re in their 20s.
Many people don’t think about doing this so young. This is because they don’t think about when they might die and where their assets might go. Many young people might not have many assets anyway, so they figure that there is no point in creating an estate plan.
But an estate plan is always important. While you might not have much, you still want your assets to go to the right people. This might not happen if you don’t have a clear plan designating where you want your belongings and money to go.
How It Works
You might not want your assets to go to a person, but rather to an organization or charity. Or you might want to give all your assets to one person, but only under special circumstances. Estate planning consists of wills, trusts, funds, and so on.
You can distribute your assets in any way you see fit. An estate planning attorney can help you with that. If you don’t know the first thing about creating an estate plan, a lawyer will walk you through the process.
The attorney can help you understand the best decisions you can make for your assets. The lawyer might also provide tax advice so you can benefit most from your plan. You can also go over your end-of-life decisions to determine what kind of care you want to receive in your final years.
What Are Probate Assets?
Probate is the legal process in which your assets are transferred to someone else after you die. The probate process can be complicated if you don’t have an estate plan set up. During this probate, a certain trusted person will be in charge of making sure that all your assets go to the right people.
These assets will be distributed according to your last will and testament. A probate asset is a general term for anything that has to go through the probate process.
Many different assets may move through this process. They may consist of personal items, individually-owned assets, and more. Some common examples include jewelry, vehicles, clothes, investment accounts, and so on.
Land and other pieces of real estate can also be considered probate assets. It is important to determine which assets will go through the probate process. This ensures that everything reaches its designated location according to your wishes.
All About Elder Law, Estate Planning, and Probate Assets
Elder law helps seniors plan their estates and their healthcare later in life. It is also important for helping seniors through tax issues. Estate planning is available for people of any age.
It’s important to have a plan for where you want your assets to go when you die. Are you ready to start planning? Check out our services and see how we can help.