Elder Law and Succession
Expert-defined terms from the Undergraduate Certificate in Law of Succession course at Stanmore School of Business. Free to read, free to share, paired with a professional course.
Elder Law #
Elder Law
Elder Law refers to the area of legal practice that focuses on issues affecting… #
This branch of law encompasses a wide range of topics, including estate planning, long-term care planning, guardianship, retirement planning, Medicare and Medicaid, and elder abuse. Elder Law attorneys specialize in helping seniors navigate the legal complexities that come with aging.
Succession #
Succession
Succession, in the context of law, refers to the process by which a deceased per… #
This process involves identifying and distributing the deceased person's property according to their will or the laws of intestacy if there is no will. Succession also involves paying off any debts or taxes owed by the deceased person's estate.
Advance Directive #
Advance Directive
An Advance Directive is a legal document that allows an individual to specify th… #
This document typically includes instructions regarding life-sustaining treatment, organ donation, and other end-of-life care preferences.
Beneficiary #
Beneficiary
A Beneficiary is a person or entity designated to receive assets or property fro… #
Beneficiaries can be individuals, charities, or organizations. It is essential to clearly identify beneficiaries in estate planning documents to ensure that assets are distributed according to the deceased person's wishes.
Caregiver Agreement #
Caregiver Agreement
A Caregiver Agreement is a legal contract that outlines the responsibilities and… #
This agreement helps clarify expectations, protect both parties' interests, and prevent misunderstandings about the caregiver's role and compensation.
Conservatorship #
Conservatorship
Conservatorship is a legal arrangement in which a court appoints a person or ent… #
A conservator is responsible for making decisions on behalf of the conservatee, ensuring their well-being, and managing their assets.
Durable Power of Attorney #
Durable Power of Attorney
A Durable Power of Attorney is a legal document that grants authority to another… #
The "durable" designation means that the power of attorney remains valid even if the principal becomes incapacitated.
Estate Planning #
Estate Planning
Estate Planning is the process of arranging for the management and distribution… #
This process typically involves creating a will, establishing trusts, designating beneficiaries, minimizing estate taxes, and planning for incapacity. Effective estate planning can help ensure that a person's wishes are carried out and their loved ones are provided for.
Executor #
Executor
An Executor is a person appointed in a will to carry out the deceased person's w… #
The executor is responsible for gathering assets, paying debts and taxes, distributing assets to beneficiaries, and handling any legal proceedings related to the estate.
Guardianship #
Guardianship
Guardianship is a legal relationship in which a court appoints a guardian to mak… #
A guardian is responsible for the personal care, housing, and medical treatment of the ward. The court may grant limited or full guardianship based on the ward's needs.
Holographic Will #
Holographic Will
A Holographic Will is a handwritten will that is entirely written, dated, and si… #
While holographic wills are valid in some states, they must meet specific requirements to be legally enforceable. It is essential to consult with an attorney to ensure that a holographic will complies with state laws.
Inheritance Tax #
Inheritance Tax
Inheritance Tax is a state tax imposed on the transfer of assets from a deceased… #
Unlike estate taxes, which are paid by the deceased person's estate, inheritance taxes are paid by the recipients of the inherited assets. The tax rate and exemption threshold vary by state.
Intestate #
Intestate
Intestate refers to the situation in which a person dies without a valid will or… #
When a person dies intestate, their assets are distributed according to the state's intestacy laws, which typically prioritize spouses, children, parents, and other close relatives as beneficiaries.
Living Will #
Living Will
A Living Will, also known as an Advance Healthcare Directive, is a legal documen… #
A living will typically addresses end-of-life care decisions, such as the use of life-sustaining treatment and organ donation.
Medicaid Planning #
Medicaid Planning
Medicaid Planning involves strategies to help individuals qualify for Medicaid b… #
This type of planning may involve transferring assets, establishing trusts, and utilizing other legal tools to meet Medicaid eligibility requirements and preserve assets for heirs.
Medicare #
Medicare
Medicare is a federal health insurance program that provides coverage for indivi… #
Medicare helps cover medical expenses, such as hospital stays, doctor visits, prescription drugs, and preventive care. Understanding Medicare coverage is essential for seniors planning for healthcare costs in retirement.
Probate #
Probate
Probate is the court #
supervised process of validating a deceased person's will, settling their debts, and distributing their assets to beneficiaries. The probate process can be time-consuming and costly, depending on the complexity of the estate and the presence of disputes among beneficiaries. Avoiding probate through estate planning strategies can help streamline asset distribution.
Revocable Trust #
Revocable Trust
A Revocable Trust, also known as a Living Trust, is a legal entity created durin… #
The trust creator (grantor) can modify or revoke the trust at any time, retaining control over the assets. A revocable trust can help avoid probate, maintain privacy, and provide flexibility in estate planning.
Special Needs Trust #
Special Needs Trust
A Special Needs Trust is a legal arrangement designed to provide financial suppo… #
A special needs trust can supplement government benefits and enhance the quality of life for individuals with special needs.
Testamentary Trust #
Testamentary Trust
A Testamentary Trust is a trust established in a person's will and takes effect… #
This type of trust allows the testator to specify how their assets will be managed and distributed to beneficiaries. Testamentary trusts can be useful for providing for minor children, controlling the distribution of assets, and minimizing estate taxes.
Undue Influence #
Undue Influence
Undue Influence refers to the exertion of pressure, manipulation, or coercion on… #
Undue influence can invalidate legal documents if it is proven that the person was not acting of their own free will. Protecting against undue influence is essential in estate planning to ensure that a person's wishes are carried out accurately.
Will #
Will
A Will is a legal document that expresses a person's wishes regarding the distri… #
A will typically names beneficiaries, designates an executor to carry out the deceased person's wishes, and may include other provisions, such as guardianship for minor children. Creating a valid will is crucial for ensuring that assets are distributed according to the deceased person's intentions.