Law

Senior Citizen Law Essentials: 5 Blunders to Dodge in Elder Planning!

A meticulously documented estate plan in Harrisburg can prevent family conflicts and ensure peace and unity even after your lifetime. Hence, you must act today! The most significant benefit of hiring an elder law attorney from Keystone Elder Law to draft your estate plan is that the law is subtle, and only an authorized professional can ensure you have the most holistic plan possible. 

Often, individuals think of drafting estate plans by themselves, which raises the hassle of making blunders that can leave them in a position where they might need more long-term care. Although an estate plan is vital for an elderly parent who wishes to pass on their possessions to a loved one, below are the top 5 mistakes to bypass in elder planning. 

Not having a plan


One of the significant mistakes many elderly parents make is postponing the creation of an estate plan until the last minute. It results in your possessions being mismanaged and not by your desires. In the worst-case scenario, you might be considered a “ward of the state” in a proceeding where a judge determines that you’re incapable of making decisions and will decide where your belongings will be allocated. 

In any instance, you may not be willing to leave your estate in the state’s hands. This may cause a family member to inherit property you wouldn’t have shared with them if you had made the decision yourself. Dodging this is as hassle-free as ensuring you have some estate plan, regardless of whether or not you hire an expert to avert such a thing from occurring.

Transferring property during lifetime


Senior citizens must bypass this mistake of giving away a self-occupied property or rent-bearing house to their children during their lifetime. Instead, they should use a will to transfer their properties. Moreover, the premature transfer of property and belongings to children during the senior citizen’s lifetime must be bypassed. Making this mistake of gifting a property to the children might lead to a lack of incentive for them to treat their elderly parents well.

Read also: How to Spot Hidden Roof Damage After a Hurricane: Tips for Property Owners

Naming a minor or estate as a beneficiary

You should avoid the probate procedure for several reasons. The possessions to be inherited will need to go through probate if a grantor names a juvenile as a beneficiary. A similar will ensue if you list “estate” as a beneficiary in an IRA. It would be best to leave their possessions in a trust to bypass the probate process to ensure that a minor acquires specific possessions. 

Not appointing a power of attorney

Older parents must put in place a power of attorney, which is created by someone who can’t do the transaction by themself because of several reasons, including old age, illness, and overseas residence. Such transactions might be related to banking, property, tax payments, financial investments, and legal & judicial proceedings. Not hiring a PoA for healthcare and economic matters is typical negligence. For a senior citizen’s general well-being, it can be vital to appoint an authorized individual with the power to make significant choices in the case of an incapacitated state.

Not updating an estate plan

The most significant blunder that one can make in elder law planning isn’t updating your estate plan thoroughly. The legislation can change considering your financial standing and life conditions in general. A well-crafted plan fulfills your desires and does what you expect it to. Therefore, seeking an authorized lawyer to tackle your estate or elder planning needs is recommended to ensure a hassle-free retirement and asset transfer upon your demise. 


Conclusion

The top 5 mistakes to avoid while planning for an elder are listed above. If you hire an elder law attorney, they can help you know the nitty-gritty factors of asset transferring to your children. 

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