While acknowledging the significance of a comprehensive and well-drafted estate plan, many people do not fully grasp the various ways in which an estate planning attorney can help them. Likewise, recognizing the moments when the expertise of such an attorney is essential for addressing legal issues related to an estate plan may not be evident. To ensure that you, your assets, and your loved ones are protected and that you have access to pertinent advice when you need it, the attorneys at Eghrari Law Firm on Long Island highlight five unexpected ways in which an estate planning attorney can help you.
Administering an Estate During Probate
After someone passes away, their estate undergoes the legal process of probate. If a Last Will and Testament exists, the appointed Executor oversees this process. In the absence of a Will, a family member or close friend is usually appointed to handle estate administration. Given the intricacies and time-intensive nature of probate, many Executors seek the support of an estate planning lawyer. Whether you need an attorney to stay onboard throughout the probate process or just provide you with advice before you begin the process, consulting with an experienced estate planning attorney is always wise when you are tasked with overseeing the probate of an estate.
Planning for Incapacity
Given the unpredictability of incapacity, it is vital to designate someone to manage assets and make medical decisions in advance. An estate planning attorney can seamlessly integrate incapacity planning into your estate plan. This may involve establishing a revocable living trust, granting legal authority to someone of your choice to manage assets, and executing advance directives to ensure that your medical preferences are honored if you are unable to communicate them in the future.
Long-Term Care (Medicaid) Planning
Recognizing the potential need for long-term care and its associated high costs, an estate planning attorney can help you plan accordingly. To address the financial challenges posed by long-term care, an attorney may employ Medicaid planning tools and strategies to help ensure that you qualify for Medicaid in the future because, unlike Medicare, Medicaid does cover LTC costs. If you fail to plan, you could put your hard-earned assets at risk if you need to qualify for Medicaid down the road.
Elder Abuse and Neglect
Deciding on nursing home care for an elderly family member is a difficult choice yet avoiding it may expose them to significant risks. If you suspect elder abuse or neglect after your loved one has transitioned to nursing home care, it can be frightening. In such situations, consulting with an estate planning attorney is advisable to determine the most appropriate course of action which may include anything from scheduling a meeting with administrators to filing a lawsuit against the facility. You may also need to discuss petitioning for guardianship over your loved one to provide you with the legal authority necessary to remove your loved one from the nursing home if your suspicions are confirmed.
Acting as Trustee During Trust Administration
Unexpectedly finding yourself tasked with administering a trust can be overwhelming; however, the Settlor (creator of the trust) clearly had faith in your ability to manage and protect the trust assets. Nevertheless, properly administering a trust requires you to understand the trust terms as well as understand the laws that apply to the administration of the trust. Consulting with an estate planning attorney is the best way to protect yourself from personal liability and ensure that you are successful in your role as Trustee.
Can an Estate Planning Attorney Help You?
For more information, please join us for a FREE estate planning seminar. If you believe that an estate planning attorney can help you with something, contact the Long Island estate planning attorneys at Eghrari Law Firm by calling us at 631-265-0599 to schedule your appointment.
What to Expect during a New York Will Contest
See Larger Map
Get Directions