Managing an Elder’s Estate
Navigating through the process of aging doesn’t have to be hard, and
I can help you with the necessary legal procedures and the steps you
need to take in order to help you or your elderly loved one the best
way possible. Depending on the type of estate plan that your elder has,
you may be able to help with both medical and financial management. Often,
if they have a trust and the support documents, you can step in without
the necessity of going to court. However, in cases where there is no
estate plan in place, or if they only have a will, you may have to go
through a court process called a conservatorship.
What are the options for managing an elder’s affairs?
Different legal options for managing an elder’s affairs exist depending on the estate
plan they may or may not have. If they only have a will, or no estate
plan in place whatsoever (i.e. no last will or trust), and have become
incapacitated, you may want to be appointed conservator through the legal
proceeding called “conservatorship” in order to manage their affairs,
assets, or personal needs. The conservator becomes responsible for making
decisions for the conservatee when the conservatee cannot make decisions
for him or herself. If you are considering taking on the role of conservatorship
for an elder, you will need legal representation in court. The court
process determines if the person qualifies to be conserved, and if you
are the right person to take care of their personal and financial affairs.
If you are chosen and the court appoints you, then you have a responsibility
to care of your loved one and protect their assets. This could include
taking care of every aspect of their lives, including making their medical
decisions.
If your elder has established a trust, you may already be
named the “successor trustee.” Or you may want to be added as a trustee
to an existing trust, in which case a trust must be amended. I can provide
guidance and the steps to follow in both these cases.
Medi-Cal/VA benefits planning
In many cases, elderly loved ones with modest incomes may be facing expensive long-term care in the future. These expenses can often be leveraged by Medi-Cal or VA benefits, allowing the elder a promise of long term care as long as they need it and an ability to pass on some assets to their children or relatives. Pursuing the process to put these in place can be daunting for family members, a successor trustee, or a conservator, and I have the knowledge and experience to help you with this.
A recent example of an elderly client’s concern for his long-term care:Walter is 72 years old and recently diagnosed with the onset of dementia. He owns a modest house and $300,000 in savings and investments. Concerned that in time he would need skilled nursing and would no longer be able to live alone in his home, Walter discovered it would cost between $6,000-$7,000/month for the care he would need. He felt that by the time he died, all his hard-earned savings would be exhausted, his house threatened, and he wouldn’t have any legacy to leave his children—only potential debt. Through careful planning, were able to qualify him to apply for Medi-Cal, which covered his nursing home care, thus protecting his savings and allowed his house to pass to his children upon his death.
If you want to talk about the ways in which you can provide help to your aging parents,
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