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6th
Nov 2015

Inside The Law by Novy & Assoc - Nov 2015

 

SPECIAL FATURE - INSIDE THE LAW

by Novy & Associates

What is the role of an Elder Care Attorney, and why would I ever need one?
 

An “Elder Care” (or “Elder Law”), attorney works primarily with people as they age, in many cases to help them age in place. Elder Care attorneys use their knowledge of the law along with community resources to help meet the short and long-term needs of their clients. This could mean drawing up an estate plan, or helping prepare a client to qualify for Medicaid while preserving certain assets. An Elder Care attorney can also act as a Fiduciary to help pay bills and handle other needs the client may have.
 

What is the role of the Fiduciary?


  A Fiduciary has the power to handle another person’s finances and/or property. When authoring your estate plan, your attorney will ask you to name people for the following roles:


•    Executor: The person who will be named in your Will to carry out all the bequests in the Will and manage
    your estate.
•    Trustee: If you create a trust, the trustee will manage, invest, and distribute the assets of the trust.
•    Attorney-in-fact: When you sign a Power of Attorney, this is the person to whom you give authority for bill
    paying, business decisions, and financial and real estate transactions while you are alive, either when you are
    no longer able to do so yourself or simply at any time.
•    Health care representative: In your health care advance directive (a.k.a. Living Will), you will name a
    person who will have authority to make decisions about your end of life medical care when you are unable
    to make decisions yourself.

Naming someone as a fiduciary is a very important decision. You should only designate someone that you trust to act in your best interests and not for the benefit of themselves or someone else.

For more information on Elder Law topics, please tune in to Inside the Law every other Saturday on 1160 and 1310 WOBM AM.
Shows will be aired 10/10, 10/24, 11/7, and 11/21. Or if you have any questions in regards to this article or any other Elder Law topic,
please give us a call at 732-657-0600.

 
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