Wills And Trusts
Wills enable individuals to decide who gets certain personal possessions when they die. Dying without a will, or intestate, can cause legal problems and potential conflicts for family members. Without a will, assets could be distributed according to the applicable law. Many estate attorneys suggest that both spouses have a will and that they be updated to reflect changes in the estate.
You may want to consult with an attorney to discuss these issues, and to obtain the appropriate forms to complete a will. Trusts are created for many reasons, including to avoid probate (a court deciding the settlement of a deceased estate), to help care for a dependent family member, and to assist in estate and tax planning.
There are several types of trusts available, including a living trust. A living trust can be revocable (can be changed or canceled) or irrevocable (cannot be changed or canceled). Trusts can be an important tool, especially in the case of a dependent or disabled child or adult. Some trusts can cause ineligibility for Medicaid. As for all legal documents, it's best to consult with an attorney, such as one who specializes in Medicaid law.
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