Passing your assets to your heirs after death can be a complicated legal and bureaucratic battle that not many people can navigate through clearly. There are too many factors to consider for the layperson to comprehend. But it’s nonetheless necessary to understand elder law vs. estate planning and learn the answer to the question, “What’s the difference?”
Know what these are, when they’re applicable, and who to seek out for consultation. This information can save you and your heirs from unnecessary expenses and preserve your assets.
Know the Applicable Situation
The key difference to consider when looking at elder law and estate planning is your current health condition. In ordinary circumstances, when an individual passes on, their heirs receive an inheritance. This can come in the form of capital or property. Matters become complicated when the individual doesn’t die but has to deal with expensive medical and care bills.
Know What an Estate Plan Covers
Estate planning is for disseminating assets among an individual’s heirs when they die. However, it doesn’t cover the long-term medical expenses that can occur before they pass away. Because of this, these bills can quickly drain a person’s assets. Inevitably, this situation can leave inheritors with little, as the estate plan doesn’t guarantee there will be anything left to inherit.
Know What Elder Law Covers
Conversely, elder law does have precautions in place to guard against asset draining in times of declining health. Individuals who need to prepare for a long medical stay before their passing must consult trust and litigation professionals about elder law. If you need to find trust and estate litigation help in Vancouver, contact Vancouver Wills and Trusts. There is a guarantee that there will be assets left for the heirs to receive, as the plan doesn’t dip into the individual’s principle.
Tailor Your Plan to You
No two situations are exactly alike. Therefore, you need to adapt to your situation and prepare for circumstances to change. People can’t fully control how their final months play out, making it nearly impossible to anticipate long-term medical issues. The best way to account for unexpected circumstances is to consult elder law professionals and construct a plan with them to protect yourself and your heirs best.