Camden Delaware Real Estate Law Blog

Estate plans cover many areas of a person's life. These plans also incorporate many documents and planning tools that can make sure a person's wishes are fully explained. However, during the estate planning process, it is important for Delaware residents to remember that certain parts of their plans may overlap.

Because certain documents can overlap, it is vital that the tools work together. For instance, individuals can create a living trust and a power of attorney document. The trust and the appointment of a power of attorney agent both work to address the person's care and finances in relation to that care. The trustee works to make sure that the trust fulfills its purpose, and the power of attorney agent handles various affairs, including finances. If the person needs to be admitted to a care facility, the agent will handle necessary paperwork and the trustee will make sure the trust pays for expenses.

Estate planning is not always an easy process, and decisions that you think are smart now may not work well into the future. For this reason, it is beneficial for you and all Delaware readers to take the time to carefully review existing estate plans for potential problems and mistakes. Uncorrected problems can cost you and your loved ones time, money and significant stress in the future. 

Unfortunately, many people do not take the time to review their estate plans and make adjustments as needed. Whether your estate is quite complex or you have a simple will, it is beneficial to go over your plans every few years to make adjustments. It is smart to consider how you can adjust and improve your plan to make it better for both you and your beneficiaries and family.

Though creating an estate plan is undoubtedly a beneficial step to take, updating that plan is just as important. Delaware residents could face a number of life changes that would prompt a change to their plans. However, failing to update plans is one of the biggest estate planning mistakes and can cause future problems for surviving loved ones.

If individuals are wondering when they should update their plans, it is wise to do so every few years, even if no major change has occurred. A simple change of mind could warrant an alteration to an estate plan. Of course, certain events could also present cause for individuals to update their plans before a few years pass. For instance, if a person moves to another state, updating the plans to coincide with state laws is important.

As Delaware residents and those elsewhere age, they often realize that many of their abilities have begun to diminish. While they may not have yet reached a point where they cannot care for themselves, this type of scenario may be in their futures. Because of this possibility, it is wise to consider long-term care planning.

In particular, many people worry about paying for the costs of care. Unfortunately, long-term care, which can often include in-home or out-of-home services, can prove immensely expensive. In order to look ahead and account for those potential expenses, individuals may benefit from obtaining long-term care insurance coverage. Often, this coverage can help supplement benefits that individuals obtain through Medicare or Medicaid, which do not typically cover all necessary care costs.