Probate attorney, Vancouver, WA
I have been helping Southwest Washington families with their probate and estate planning needs since 1976.
Trust or Will – Which is Right for You?
Either a Will or a Revocable Living Trust will pass your assets to your family at your death. Both accomplish the job. Both have pluses and minuses. The most common “minus” cited for a Will is that a Will is probated whereas a Revocable Living Trust is not. However, that is too simplistic an analysis. It ignores the fact that the major portion of the work of a probate is not the court supervision of the process but rather the identification and selling of assets, the payment of debts, and the distribution of assets to the correct family members. That all has to be done when you have a Revocable Living Trust. It is just done without the court supervising that it is done fairly and correctly.
To determine whether a Will or a Revocable Living Trust is best for you, let’s look at some of the relevant issues in each of the categories of “Assets”, “Family” and “Your Goals”. We will look at how those issues influence whether you should select a Revocable Living Trust or a Will.
SOME “FAMILY” ISSUES THAT IMPACT THE TRUST VS. WILL DECISION.
SOME “ASSET” ISSUES THAT IMPACT THE TRUST VS. WILL DECISION.
I have covered some common issues for you to think about as you decide whether you should have a Revocable Living Trust or a Will. Deciding which tool – a Will or a Revocable Living Trust – is better for you depends on many factors in your life. You should remember “one size does not fit all.” What is right for your neighbor may not be right for you. Many people find it a big help to have a knowledgeable estate planning attorney assist them as they think through the legal issues in their particular family and estate.
Planning Ahead for Medicaid
WHAT LEGAL PLANNING SHOULD YOU DO WHILE YOU ARE STILL HEALTHY IN CASE YOU NEED LONG TERM CARE?
This is a question I am asked frequently by my clients who are healthy now but in their late sixties and beyond, thinking about their future.
You are probably like most of us. We all hope that we can live life fully to its natural end and when it is our time to go, we go. Unfortunately, we know that some of us will have a time period prior to death when we may lose our ability to think, act and care for ourselves. The pertinent question is, “What can you do legally ahead of time to make a period of incapacity easier on your family”?
The most important thing you can do is sign a well-thought out power of attorney tailored for your situation.
In your power of attorney, you should thoughtfully select your attorney-in-fact and be sure and name an alternate if your first choice cannot serve as your power of attorney. Another thing you should do in your power of attorney, if you are concerned about Medicaid paying for any long-term care you may need, is to review with an elder lawyer, familiar with Medicaid rules, the type of gifting authority that would be right to add to your power of attorney to meet your goals and Medicaid’s requirements.
Once you have a well-designed “Medicaid-sensitive” power of attorney, another legal document you should consider, if you are married, is a Testamentary Special Needs Trust.
While you are alive, you can add a special needs trust for your spouse to your will. Then if your spouse needs Medicaid after you die, the assets in the trust will be there to take care of your spouse, but will not disqualify your spouse from receiving Medicaid.
A Testamentary Special Needs Trust is powerful Medicaid planning that can be very helpful in the right situation. While you are thinking clearly and able to do good, thoughtful planning, you should review with an elder lawyer knowledgeable about Medicaid whether it is the right strategy for you.
(The above should not be construed as specific legal advice and is intended for general information purposes only.)
Call (360) 816-2485 or click here to request an appointment or to get more information.
805 Broadway Street, Suite 1000
Vancouver, WA 98660
Voice: (360) 816-2485
Voice: (503) 283-3393 ext. 2485
Fax: (360) 816-2486
My practice emphasizes Probate, Revocable Living Trusts, Wills, Medicaid, Elder Law, and Estate Planning issues. I would be happy to have you contact me to schedule an appointment for individual advice regarding your situation.
Elder Law and Trust Attorney in Vancouver, Washington serving Clark County, Cowlitz County, Klickitat County, Pacific County, Skamania County, Wahkiakum County, and Lewis County. Practice areas include: Revocable Living Trusts, Estate Planning, Probates, Guardianships and Wills.