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This is as a result of an individual requiring long term care, and is at the point of applying for Medicaid coverage. An irrevocable trust account can only be used for the funeral of the beneficiary of the trust account. The trust account can be transferred to another funeral home, but can never be revoked. A certified death certificate of the beneficiary is the only way the funds can be obtained. A prudent individual, not needing Medicaid, can also establish a pre- need arrangement and place the funds into a revocable trust account for themselves or another family member.
Legal Issues
Wills, probate, joint property, estate taxes, selecting estate trustees/attorneys for property and personal care and other issues may appear somewhat intimidating at first. Fortunately, with a little guidance and preparation, dealing with such matters does not have to be so overwhelming.
Administration of a Will
A Will is an instrument by which a person (the “testator”) makes a disposition of his/her property, to be performed or take effect after his or her death.
A well-drafted Will may provide for the welfare of the testator’s family, distribute the testator’s assets in accordance with his/her wishes and secure the efficient management of the testator’s property. Handwritten Wills (“holographic Wills”) can be made by a testator without the services of a lawyer, problems can arise if not done properly and/or in accordance with applicable legislation. A properly drafted Will can be a simple, inexpensive way to address many estate-related matters, and can make matters run much smoother upon death.
While there are many benefits to having a Will in place, there are some things that may not be accomplished in a Will. It is important to keep in mind that some items may not flow through your estate, and thus may not be distributed in accordance with your Will. During the estate planning process it is important to speak with a lawyer experienced in
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