Category: Eldercare Planning and Organization
Sometimes getting a family to agree on estate planning for aging parents is a hard task to achieve but, having a family meeting is a good start.
Most people create a trust in order to adequately protect their estates so it lives on after the asset owner dies. In some instances, a trust might be a good idea, but in other instances, a Last Will and Testament might be sufficient.
A primary requirement when signing a legal document, including a Last Will and Testament or other estate planning tool, is that the person signing must have sufficient mental capacity or competency to understand the document he or she is signing.
The question then becomes, how often should one change or update living documents such as Wills or revocable Trusts or other documents related to estate planning?