Legal and planning
Last will and testament
A last will and testament is a legal document that says who receives a person's property after death. It can name an executor to carry out those wishes. It can also name a guardian for minor children. It takes effect only at death.
Why it matters for your family
The National Institute on Aging lists a will among the common documents to prepare. A will does nothing while the person is alive, so it does not help with care decisions. A common mistake is to think it avoids probate or overrides beneficiary designations on accounts. It does neither in most cases. Another is to leave it unsigned or outdated after a move, a death or a new grandchild. Tell the executor where the original is kept. For care at home, a will matters less than a power of attorney and a health care proxy, but all three belong in the plan. An elder law attorney can advise. This is not legal advice.
Source: nia.nih.gov
Read more: What is Elder Law and Do You Need an Elder Care Attorney?
Related terms
- Revocable living trustA revocable living trust is a legal arrangement in which a person places assets in a trust and keeps the right to change it.
- Letters of testamentaryLetters testamentary are a court document that confirms an executor's authority to act for an estate.
- Beneficiary designationA beneficiary designation names who receives an asset when the owner dies.
- Living willA living will is a legal document that tells doctors how you want to be treated if you cannot make your own decisions about emergency treatment.
- Elder law attorneyAn elder law attorney is a lawyer who focuses on legal issues of older adults.
- Durable power of attorneyA durable power of attorney is a power of attorney that stays in effect if the person who signed it becomes incapacitated.
