Estate planning involves organizing the management and distribution of one’s assets after death or incapacitation through tools like wills, trusts, and powers of attorney. It ensures that an individual’s wishes are honored while minimizing legal complications and taxes for their heirs.
Elder law focuses on legal issues affecting older adults, including estate planning, healthcare, guardianship, and retirement. It aims to protect the rights, finances, and well-being of seniors, often involving long-term care planning and elder abuse prevention.
Estate administration is the process of managing and distributing a deceased person’s assets according to their will or state laws if no will exists. It involves tasks such as paying debts, filing taxes, and ensuring that beneficiaries receive their inheritances.