Understanding Key Elder Law Terms
Elder law encompasses many legal terms and concepts that even lawyers sometimes may find challenging. Whether you are planning for your own future or that of a loved one, this is an important area in which to gain a basic understanding of elder law terms. Knowing these elder law terms will give you clarity and confidence as you make important decisions.
Elder law is a broad area of practice that involves elder issues, including estate planning, healthcare, guardianship, and much more. It was developed to help meet the special needs of seniors and their families. With the increased life expectancy, the importance of familiarity with terms related to elder law also increases in protecting a person’s rights and assets.
Key Elder Law Terms Everyone Should Know
1. Advance Directive
An advance directive is a legal document that states the treatment choices an individual wants in case of incapacity to make decisions and/or loss of communication. Examples include living wills and healthcare proxies. Medical decisions will thus be guided by personal wishes.
2. Durable Power of Attorney
This is a document that provides the authority for an individual to handle another individual’s financial matters or make healthcare decisions in case the person becomes incapacitated. Unlike other powers of attorney, a durable power survives the incapacitation of the person.
3. Guardianship and Conservatorship
Guardianship involves a court appointing an individual (guardian) to make decisions for someone who cannot manage their affairs due to incapacity. Conservatorship is similar but specifically relates to managing financial matters.
4. Probate
Probate is the legal process through which a deceased person’s estate is administered and distributed under court supervision. It involves validating the will, paying debts, and distributing assets to beneficiaries.
5. Estate Planning
Estate planning entails the development of activities that help to protect an individual’s asset base upon the occurrence of incapacitation or death. These include the distribution of the assets through wills, trusts, estate tax minimization, and guardianships for minors.
6. Elder Abuse
Elder abuse entails any type of maltreatment that results in harm or loss to a person who is older. It entails bodily, emotional, or financial maltreatment, apart from neglect.
7. Medicaid and Medicare
Medicaid is a state and federal program that provides health coverage if you have a very low income. Medicare is a federal program that provides health coverage if you are 65+ or under 65 and have a disability, no matter your income.
8. Living Trust
A living trust is created in one’s lifetime, whereby a trustee holds assets for the benefit of another party. It helps bypass probate, and it may clearly instruct how one’s affairs are to be conducted in case of incapacitation.
9. Beneficiary
A beneficiary is a person or entity that receives property or benefits under a will, trust, insurance policy, or similar governing document. Knowing how beneficiaries are named can assist in distributing one’s property in the desired manner.
10. Intestate
Dying intestate is when someone dies without a legally valid will. When this occurs, it is left up to the state statutes to decide who gets the decedent’s property, and in what proportion.
This will be important in understanding some of the key terms relevant to elder law as one proceeds with effective planning and protection of rights and assets during the aging process. Whether it is estate planning or healthcare decisions, informed individuals and families make decisions that align with their personal values and legal requirements.
Familiarizing yourself with these key elder law terms can help navigate some of the complexities associated with aging and ensure that your or your loved ones’ wishes are respected and fulfilled. As always, an experienced elder law attorney can provide personalized guidance tailored to your specific needs.
Incorporating these elder law terms into your knowledge base not only aids in personal planning but also enhances your ability to support others in similar situations. Stay informed, plan ahead, and take control of your future with confidence.
The compassionate team at Antanavage Farbiarz is here to help. Reach out today to learn how our seasoned attorneys can assist you in creating the right trust for your unique situation. Our family is here for your family – give us a call at (610) 562-2000 or click here to schedule a consultation.
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