FREQUENTLY ASKED QUESTIONS
What is a Power of Attorney?
A Power of Attorney is a legal document that allows you to assign one or more people to manage your affairs when you are unable to do so yourself. The document provides your agent(s) with the authorized right to act on your behalf when it comes to legal, healthcare-related or financial matters.
What is the difference between a Will and a Trust?
A Will is a legal document that goes into effect only after a person’s death that provides instructions as to how property and assets are to be distributed. A Trust can be used to control the division of property and assets prior to death, at death or even years later.
My mother may need to move into a nursing home. Are her assets protected?
At one time the only option would have been for your mother to hand over all of her assets to the nursing home; however, now. With some timely professional planning she may be able to preserve a significant portion of her assets.
Can my long-term care insurance policy be cancelled if I become ill?
No. Unlike Medicare, long-term care insurance policies are private insurance and cannot be cancelled due to medical reasons.
What is elder abuse?
Elder abuse can take many forms including physical, psychological and financial. If you suspect that your loved one is a victim of elder abuse, watch for sudden changes in behavior, appearance and banking activity.
What is involved in being the executor of an estate?
An executor is responsible for probating the deceased’s will and administering his or her estate. Responsibilities can include paying for funeral expenses, taxes, medical expenses and debts, distributing property to the designated heirs, transferring ownership of real property, creating trusts, arranging care for children, reporting and filing of required legal documents.
Can I contest a Will?
Yes. A Will can be contested for several reasons including if the decedent was not of sound mind or was under duress when the will was signed or if the decedent’s signature was forged.