For today’s middle-aged group of individuals concerned with elder care and estate planning, the time is now to think ahead concerning your will and your legacy. For elderly individuals (people over 60) wills, trusts and other legal agreements are paramount to eliminate or minimize the chances of your heirs fighting over your legacy and their inheritance.
Do you know what the difference between a will and a trust? Are you familiar with the intricacies of elder care law in your state?
Probate laws vary by state and the specifics of each state’s statutes concerning the execution of wills and other binding legal agreements can leave even the most skilled and intelligent person feeling a little confused and intimidated.
Mark Shalloway and the Importance of Preparing for the Future
Mark Shalloway, an elder care and special needs attorney in West Palm Beach, Florida, stresses the importance of planning ahead to avoid unnecessary and costly legal battles:
“We’ve seen many cases where wills were contest in probate and we highly recommend families and individuals to prepare for the future by exploring all their legal options, be they wills, trusts, or elderly care. In many cases families and individuals may find that a trust will help prevent a costly and nasty legal battle.”
Protecting Your Legacy
Conferring with an attorney to protect your legacy is more than a cautious and prudent approach to estate planning. It can also be far less expensive in the long run and help your heirs understand your intentions. In today’s highly fragmented world where it is common for people to have been married two or three times, if not more often, the complexities of managing and planning where and to whom one wishes to bequeath one’s assets, be it real estate, cash, jewelry or other valuables, are often best negotiated with the aid of an experienced lawyer.
Indeed, in 2017, with America’s rapidly aging populace, the uptick in estate planning and elder care services rendered by law firms represents a micro-boon in the legal field. Many statistics point to a dearth of lawyers and a potential market niche in this highly specialized and personal field.
Whether we want to admit it or not, we will not be around forever. Planning ahead and understanding the nuances of your state’s probate laws is a great way to leave behind a peaceful legacy and ensure peace among your family.