Ask the Expert: How Can I Update A Will I Established 10 Years Ago?
Published: Fri, 10/11/13
|
|
|
 | |
|
Evan Farr's Elder Law and Estate Planning News |
|
Ask the Expert: How Can I Update the Will that I Established While I Was in the Military 10 Years Ago?
Asked on AVVO by a resident of Springfield, VA
Cannot see the text? Link to this article on our blog. A. Just as a car needs regular maintenance, your estate planning documents need to be updated or redone, especially if it has been 10 years since you have done so.
Before you do so, please keep in mind that rather than using a Will to distribute your estate at death, you want to consider using a Revocable Living Trust. A Revocable Living Trust (RLT) generally:
Once you have met with a Certified Elder Law Attorney, such as Evan H. Farr, and created an RLT and other estate planning documents, such as a Financial Power of Attorney and Advance Medical Directive, you need to make sure you update them regularly (at least every 1-3 years, depending on the document). This is the only way to ensure that your estate plan truly reflects who you are, what you care about, and what you have. So, when are updates needed? Have there been any changes in your family structure, financial circumstances, or health? The list below pinpoints certain examples of events that could have a significant impact on your estate.
Even if no changes are necessary, you should annually sign updated Powers of Attorney. Some financial institutions won't accept a Power of Attorney more than a year old. Similarly, the older an Advance Medical Directive is, the less likely it is that it will be honored by a doctor or hospital.
Don't let too much time pass between reviews of your plan. The cost of a review is minimal; but the cost to your family if you neglect your plan could be disastrous. If any of these changes have happened to you or if you haven't updated your estate plan in the last few years, the time is now. Call the Fairfax and Fredericksburg Elder Law Firm of Evan H. Farr to update your estate plan! Ask about The Farr Law Firm's Lifetime Protection Program, which ensures that your documents are properly reviewed and updated as needed, so that they will have the proper effect under the law. come to the firm. --------
  Dear Commander Bun Bun,
What types of home technologies can you recommend to help me keep tabs on my elderly mother? She lives alone, about two hour's drive from me, and I worry about her safety. Thanks for your help! Justin Case --------- Dear Justin, Helping aging parents remain independent and living in their own home has become a little easier in recent years thanks to new and improved assistive technology products. Here are some options you should know about: · Medical Alerts- If you're worrying about your mom falling and needing help, one of the most frequently used products over the years for seniors living alone is a personal emergency response system, or PERS. With the press of a button, your mom could call and talk to a trained operator, who will find out what's wrong, and will notify family members, a neighbor, friend or emergency services as needed. For more details on popular medical alert options, visit GreatCall.com, MobileHelpNow.com and PhilipsLifelineGoSafe.com. · Monitoring Systems- Another more sophisticated technology for keeping tabs on your mom is with a home monitoring system. These systems will let you know whether she is waking up and going to bed on time, eating properly, showering and taking her medicine. Some companies that offer these services are BeClose and GrandCare Systems. These are active monitoring systems. We have many clients who also allow their children to have webcams installed (essentially passive monitoring systems) in their home, with all of their children given the ability to check in on mom during the day or night. · Medication Management- If you want to make sure your mom is keeping up with her medications, there are medication management devices you can now rent, that will dispense her medicine on schedule, provide constant reminders, and even notify you if her medicine is not taken. Two products that offer this are MedMinder which rents for $40 per month, and the Philips Medication Dispensing Service that costs $75/month. When taking these preventative measures isn't enough, assisted living or nursing home care may be needed for your loved one. Nursing homes in Fairfax, Virginia and the surrounding Northern Virginia area cost $10,000 - $12,000 per month. Life Care Planning and Medicaid Asset Protection is the process of protecting you from having to go broke to pay for nursing home care, while also helping ensure that you get the best possible care and maintain the highest possible quality of life, whether at home, in an assisted living facility, or in a nursing home. Learn more at The Fairfax and Fredericksburg Medicaid Asset Protection Law Firm of Evan H. Farr, P.C. website. Call 703-691-1888 to make an appointment for a no-cost consultation. Hop Hop, C. Bun Bun About Commander Bun Bun Commander Bun Bun is a year-old Holland Lop rabbit that belongs to Grace Everitt, one of our Asset Protection Paralegals at the Farr Law Firm. In the past, Grace used to raise rabbits for pets and show in Florida, and Commander Bun Bun was the runt of her last litter. As a baby, Commander Bun Bun's mother accidentally bit off her tail and then stopped feeding her. After being hand-reared by Grace, she is now a completely happy and healthy little bunny. Commander Bun Bun loves to be held like a baby and to have her tummy rubbed. You can often find her resting under Gracie's printer table. She enjoys all of the attention (and, of course treats) she gets from staff and friendly clients at the firm. We encourage you to visit us and meet her and our other extraordinary critters! |
| |||||||||
|
|
Unsubscribe to this Newsletter |
