Estate Planning Attorney Details Essential Documents for Aging and End-of-Life Concerns
Feb 12, 2015
Virginia Beach, VA (Law Firm Newswire) February 12, 2015 – According to Andrew H. Hook, a Virginia estate planning attorney with Hook Law Center, having estate planning documents in place can help prevent problems from occurring as a person ages and after they pass away.
“The goal of estate planning is to make sure that your wishes are followed if you become incapacitated or after your death,” said Hook. “A will, trust, power of attorney and advance health care directive are all important to have in place.”
Hook said that a will is perhaps the most essential estate planning document. A will outlines who will receive which of a person’s assets after he or she dies.
A will should still be written even if a trust is also created. Placing assets in a trust allows them to be distributed without going through probate. Hook explained, “Probate is expensive, it can take months and it’s a public process. Many families prefer the speed and privacy provided by trusts.”
“During estate planning, you also need to think about what will happen if you are too sick to make decisions on your own. Bills still need to be paid, and medical decisions must be made,” said Hook. A financial power of attorney gives a trusted individual the ability to handle financial matters if a person becomes incapacitated. An advance health care directive appoints an agent to make health decisions, and it provides an opportunity to outline wishes about issues like resuscitation, intubation and organ donation.
Finally, Hook emphasized the importance of having these documents created by an estate planning attorney. While some websites or programs promise to produce documents at a low cost, these can often create more trouble in the long run. They may not be individualized to the client’s specific situation, and they may not meet state law requirements.
Learn more at http://www.hooklawcenter.com/
Hook Law Center
295 Bendix Road, Suite 170
Virginia Beach, Virginia 23452-1294
5806 Harbour View Blvd.
Suffolk VA 23435
- Study supports doctor-led approach to end-of-life care planning
The end of a person’s life is a time of intense transition and difficult choices. Although nothing can fully prepare an individual or a family for the gravity of the decisions that need to be made, end-of-life care planning can help ensure that a dying individual’s wishes about his or her care are followed. Traditionally, […]
- The effect of procrastination and debt on retirement planning
The desire to create a comfortable, secure retirement is almost universal. Unfortunately, procrastination and debt can have a devastating, though not irreversible, effect on these efforts. While Americans can now anticipate longer-than-ever retirements with ever-higher costs of care, they tend to be less prepared for retirement than in decades past. Procrastination can affect one’s retirement […]
- Reducing caregiver stress helps prevent elder abuse
Elder abuse has long been associated with the stress caregivers experience when providing care for older loved ones. Reducing caregiver stress is a key factor in preventing the abuse and neglect of elders. As much of health care moves out of hospitals and into homes, caregivers are charged with providing care to increasingly ill loved […]
- What is covered by Medicare in a skilled nursing facility?
Many people on Medicare assume that the program will cover any medical costs they encounter, including the cost of care in a skilled nursing facility. However, coverage for care in a nursing home is actually quite limited, and it is only provided under certain circumstances. Medicare only pays for care in a nursing facility if […]
- Avoiding retirement planning pitfalls
Although most people are aware of how important it is to plan for retirement, it is easy to fall into retirement planning pitfalls that have significant consequences down the line. One of the most common pitfalls is money itself. Many people simply do not save enough early enough. It is recommended that people save enough […]