There are many terms that attorneys deal with on a day-to-day basis that the general population may have little experience with. This is especially true when it comes to elder law. If you ever come across a term that you do not understand completely, you should speak to your elder law attorney so you can be sure you understand what it means and how it is important to your estate or elder law plans.
Incapacity
When an adult loses the ability to act or make decisions on his or her own behalf, this is known as an legal incapacity, or sometimes as incompetence. A person can be deemed incompetent by a court, typically after suffering either an illness or injury which robs him or her of the ability to make decisions. Incapacity is important because after losing capacity you can no longer create or modify legal documents, such as wills, medical directives, or powers of attorney. However, a physical ailment that does not effect your mental abilities will not render you legally incapable, even though you may be physically limited.
Pour-Over Will
People creating an estate plan will often create both a will and a trust. In this situation, the will created is often referred to as a ?pour over? will. It is called this because once someone creates a trust, he or she will typically transfer as much property as possible to that trust. The will, therefore, is designed as a sort of safety net which will ?pour over? any remaining property to the trust after that person dies.
You can learn more about many more elder law issues at one of our upcoming free estate planning seminars. The next will be held on October 30th and November 1st in Greensboro. The seminars include a free meal, but registration is required and space is limited, so contact our office if you?re interested.
The Law Offices Of Cheryl David is a member of the American Academy of Estate Planning Attorneys.
Source: http://www.cheryldavid.com/blog/incapacity-planning/common-elder-law-terminology/
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