When you grow old, one of the benefits that may be open to you is Medicare. Some people believe that Medicare is all they need in their old age to cover their medical needs. That could not be further from the truth.
Wills and/or trusts make up the backbone of any estate plan. Some people are under the impression that a trust is required to achieve their estate planning goals. It is certainly true that many families and individuals can realize substantial benefits through the creation of a trust. For instance, assets in a trust are not subject to the probate process. As a result, your beneficiaries can receive assets without waiting for the probate process. With this said, a trust is not necessarily the right estate planning tool for everyone.
When you plan your estate and create a will, it's vital that you do so in accordance with the law. If you don't follow the law when you create your will, it may not be held up in court, which could result in someone contesting your will.
Choosing the right trustee or executor makes a major difference in your estate plan. If you already have a will or trust, now is a good time to review who you appointed to be your executor or trustee, so you can be sure you made the right decision.
If you are using your own funds to support your nursing care or other medical needs, you may be interested in knowing more about Medicaid. Medicaid is a program funded by the state and federal government. It's there to provide medical assistance to those with low incomes, including the disabled, blind and those ages 65 and older.