PRIMETIME LIVI NG YOU R B E ST I N TH E P R I M E OF YOU R LI F E
R H O D Y B E AT. C O M
Estate Planning Estate planning means making decisions on what will happen to a person’s assets after they pass away. Estate planning includes making clear how all assets will be distributed, and detailing who will be given what, and when. It also includes desired funeral arrangements and medical wishes in the event that the person making the plan becomes disabled, or can no longer communicate their wishes. Why Estate Planning Matters Some people shy away from estate planning, and that’s understandable. It can seem very daunting. An estate plan is necessary for adults to ensure their wishes regarding their estate, their funeral, and their end of life care needs are met. Estate planning makes things easier for those who are left behind. A clear plan removes questions and doubts and gives guidance for everyone involved in handling the estate. Without an estate plan in place, state laws
take effect. These laws govern everything from what happens if a person becomes incapacitated and cannot make decisions for themselves, to how their assets will be divided. Estate planning lets people take control of their assets and make the best decisions. It can also help save on taxes and fees. It’s possible to reduce the amount of tax paid on financial inheritance by spacing the payments out over a period of time. An experienced elder law attorney is a good resource. When Is It Best to Start Estate Planning? The sooner an estate plan is put in place, the more seniors and their families can relax, knowing that everything is taken care of. Key Components of Estate Planning 1. Wills The online financial resource Investopedia notes that wills are legally enforceable documents that dictate how people want their affairs handled and assets allocated in the wake of their deaths.
What’s in the cards for you at Anchor Bay at Pocasset?
understanding the Basics
Wills should include a host of information, including who a person wants to assume guardianship of their minor-aged children should they pass away. This is especially important information to include in a will, as surviving relatives may have to go to court to contest guardianship if parents do not dictate who they want to serve as guardians in their wills. 2. Living Wills Living wills detail medical care instructions in the event that a person becomes incapacitated and cannot communicate their wishes. 3. Power of Attorney A power of attorney is a document giving another person the power to make decisions on the person’s behalf. These decisions might include: • Financial decisions • Medical care decisions • Home management 4. Trusts A trust is a relationship in which another party is given authority to handle a person’s assets for the benefit of that person’s benefi-
ciaries. When making a trust, a person will need to designate someone as a trustee, who will be tasked with distributing assets in accordance to the terms dictated in the trust. There are many types of trusts, and working with an attorney who specializes in estate planning can help men and women determine which type of trust, if any, is best for them. 5. Is it better to have a will or a trust? Both wills and trusts can be useful when estate planning. In fact, wills are often used to establish trusts, and many people have both a will and a trust. Estate planning is an important part of managing one’s finances. A qualified attorney who specializes in estate planning can help people write their wills and, if necessary, establish trusts that can help surviving loved ones in the wake of their death. Getting affairs in order is one of the most helpful things you can do for family and loved ones. Contact an attorney who specializes in estate planning to get started.
Anchor Bay at Pocasset gives our residents a reason to get up in the morning. We build our well-rounded Resident Experience programs by getting to know our residents. Our social calendar is filled with culture, fun and best of all – a rewarding life. Start the conversation and schedule a visit to come see what all the fuss is about!
IT’S MORE AFFORDABLE THAN YOU THINK Spacious studio, 1 bed and 2 bed apartments with rates starting as low as $2,550.
Call Denise Moio-Touchette today at 401-474-5249 to learn more!
12 Old Pocasset Lane l Johnston, RI 02919 l 401-421-6610 AnchorBayPocasset.com