April 2023
Bringing a new child into your family is a time of great joy and celebration. The last thing most people think of is death. However, new parents need to start thinking about the best interest of their child, and this includes figuring out what to do in the event that you need a will. Why are wills important? Forbes discusses the importance of having a will as a new parent . This document will establish how all of your assets end up distributed in the event of your death. You may also name a guardian for your children in this will. Essentially, without a will, the state will decide where your assets go. While they typically decide based on the best interests of the child, there is no way to guarantee what that will look like in practice. The court may have an entirely different idea of what to do with your assets than you do. They will also make a determination of who to appoint as guardian, which could completely go against your own ideas as to who is better suited for the task. The positive aspects of a will Establishing a safety net can give you great peace of mind, especially as a parent. Needless to say, no one wants to think about what they will do if they get into a sticky, life-threatening situation. However, having plans in place will give you a lot less to worry about in the event that something traumatic and sudden does happen.
As you age into the later years of your life, it may become apparent that you need daily support either in your own home or in an assisted living facility. There is no shame in turning to long-term care options, and there are even solutions to help you afford this type of care. Long-term care insurance exists to reimburse you for some or all of the costs associated with receiving care and assistance in your daily activities. When the time comes to file a claim on your long-term care insurance policy, however, certain factors might lead to the insurer denying that claim. When can a long-term care insurance claim meet denial? One common reason for claim denial might be that the provider receives insufficient documentation to prove your claim eligibility. Another possibility is that a misunderstanding arose regarding what types of care the policy covers. On rarer occasions, a denial might occur because the policy contains a prior hospitalization requirement that is not actually enforceable in the state of Washington. What can you do if an insurer denies your claim? If you experience a claim denial, your top priority is to organize your records and speak to your doctor so you have all the necessary documentation on-hand to prove your eligibility. You should also carefully review your long-term care insurance policy with help from an insurance professional to ensure that your situation is eligible for reimbursement. There are significant costs in paying for long-term care without support from your insurance policy. If your provider wrongfully denies your claim, it may be necessary to seek help.
A will is a great estate planning document, but it does have some limitations. There are specific items a will cannot handle. Typically, your will gives personal information and provides for assets not otherwise handled through other legal means. So, there are some assets or items you may not be able to dictate through the will because they have to follow the rules of the other legal entity under which they fall. Beneficiary accounts are a no-go If you have accounts with named beneficiaries, you will not put them in your will. You cannot change the beneficiary or dictate any details about these accounts as the account has its own rules. If you wish to change anything about it, you must do so through the original source. Loans are unchangeable If you have a loan, you cannot pass it to someone else in your will. A loan is a contract between you and the lender. If one of your heirs wants to take over the loan, they will have to go through the lender and secure their own loan. Title transfers are not possible You also cannot transfer a title in your will. While you can leave the property to an heir, if you fully own it, the heir must change the title after your death. It is important to note a will is not a way to override other laws. If you try to include something you should not, it will not stand up in probate. Your heirs may have problems securing the property or asset if you do not plan ahead properly.
Adults older than 60 years of age experience neglect and exploitation at higher rates than younger adults. Elderly individuals and their caregivers must retain a reasonable level of vigilance when it comes to avoiding physical, emotional and financial abuse. Some common sense actions can limit exposure to mistreatment. Warnings to heed The Washington State Office of the Attorney General lists some actions an elderly person can take to avoid elder abuse and neglect . For those who live in a group home setting, it is important to consider the stable nature of roommates or acquaintances. If possible, individuals should avoid roommates who have violent tendencies or who abuse drugs or alcohol. Also, they should keep valuable items hidden away or locked to avoid theft from dishonest workers or from residents who have access to personal rooms. Older individuals with cognitive difficulties should take care when signing important documents. Therefore, the elderly should seek help from trustworthy relatives, friends or professionals whenever signing a critical document such as tax statements, healthcare directives, financial reports and insurance forms. Signs to recognize Caregivers for the elderly should look for signs of abuse and neglect. Victims of mistreatment often exhibit signs of anxiety and depression. They might suffer physical symptoms such as loss of weight due to worries that affect appetite. Sometimes, victims of financial abuse suddenly can no longer pay bills or buy food. This indicates that an unscrupulous party has siphoned money from an account or tricked someone into making an unsupportable donation. Following a few best practices can help a vulnerable adult steer clear of mistreatment. Sometimes, legal action becomes necessary to correct wrongful actions.
