Estate planning is important at all stages of life. However, as you get older you might need someone to help you with decision-making, so documents such as a durable power of attorney for health care and financial decisions become all the more important.
If you don't have a living will, you should create one to tell family members and healthcare providers whether or not you want artificial life support. While you may have stated your wishes to family members, they will not have the authority to tell doctors what to do unless your wishes and your designation of a health care proxy are in writing.
Creating or updating your estate plan is also vital. While you may have created a trust so your children and beneficiaries will not have the expense and delay of a probate proceeding, that trust will not be effective unless you have properly transferred your assets to it. Whenever you buy or sell real estate, or family members marry or divorce, you should review your will or trust to be sure it is up to date.
And if you are concerned about moving into a nursing home, you may want to consider an irrevocable, special needs trust to protect your estate from nursing home costs.
Elder law is more than just estate planning. Our attorneys also represent clients with issues in:
- Long-term care planning
- Social Security Disability
- Supplemental Security Income
- Prescription drug benefits
For more information on estate planning for Oklahoma seniors, click below to download our Estate Planning Guide or contact Postic & Bates today for a free, no-obligation consultation appointment to discuss your estate plan or other elder law matters.