Is having just a will enough for a comprehensive estate plan?
According to elder law attorney Thomas Begley, having a will alone is not enough to protect yourself or your family—especially in the event of incapacity. Many people believe that a will only matters after death, but proper estate planning also covers medical decisions and financial management during one’s lifetime. A strong plan includes a general durable power of attorney and an advanced directive to ensure decisions can be made if you’re unable to act on your own behalf.
What is the role of an advanced directive and why is it important?
An advanced directive allows someone you trust to make medical decisions on your behalf—not just end-of-life decisions, but also day-to-day care choices if you’re incapacitated. Thomas highlights its importance for people with dementia, Alzheimer’s, or chronic conditions, especially those in nursing homes. Without this, families may face legal hurdles and delays in care decisions.
Is any power of attorney sufficient?
Not all powers of attorney are created equal. Tom warns that many banks and financial institutions reject generic or insufficient forms. A robust power of attorney should include broad authority, including the ability to create trusts, make gifts, manage real estate, and take proactive steps for long-term care planning. This ensures that a loved one can act effectively without requiring court intervention.
When should someone consider a Medicaid trust for long-term care?
Tom explains that Medicaid Asset Protection Trusts are often considered by clients in their 70s or older who are concerned about nursing home costs, which can reach $12,000–$15,000/month. These trusts shield assets from being spent down, but require you to give up control of the funds, and you must survive a five-year lookback period for Medicaid eligibility. Timing and individual circumstances are crucial.
Can someone protect their home while still retaining rights?
Yes. Thomas discusses a strategy called a “residence trust” or “children’s trust,” which allows a homeowner to transfer their property into an irrevocable trust while retaining the right to use and occupy the home for life. This provides asset protection while allowing parents to remain in their home and even retain capital gains tax exemptions.
Do wills cover all of your assets when you die?
Surprisingly, no. Tom explains that many assets pass outside of probate and aren’t governed by your will. These include:
- Joint accounts with rights of survivorship
- Retirement accounts, IRAs, annuities, and life insurance (by beneficiary designation)
- Payable-on-death (POD) or transfer-on-death (TOD) accounts
Because these assets override the instructions in your will, it’s critical to ensure beneficiary designations are aligned with your estate plan.
What’s a common mistake with beneficiary designations?
A major mistake Tom sees is parents naming one child as the beneficiary on an IRA or bank account with the intention to share. Unfortunately, once that child receives the asset, they are under no legal obligation to split it—even if the will says otherwise. There are also tax consequences and risks of disputes. It’s better to structure these designations or funnel them into a trust or will for fairness and legal clarity.
Who should be appointed as executor or agent in an estate plan?
Choosing a fiduciary is not about age, gender, or proximity, Tom says. It’s about two key qualities:
- Impeccable integrity – someone who will do the right thing, even when no one is watching.
- Common sense – someone who knows when to ask for help from lawyers, financial advisors, or professionals.
Tom urges families to avoid defaulting to the oldest child or choosing someone out of obligation. The wrong fiduciary can cause financial mismanagement or even family litigation.
What are the biggest risks in blended families or second marriages?
Blended families need careful planning. Tom often sees spouses with children from prior marriages create reciprocal wills assuming their partner will honor their wishes. But when one spouse dies, the surviving spouse can change the will and exclude stepchildren. Tom calls this “death roulette” and encourages tailored solutions like separate trusts or contractual wills to protect children from prior marriages.
Are online estate planning tools a safe alternative?
Tom strongly warns against relying on internet wills or DIY estate planning software. These tools may save money upfront but can result in expensive litigation or unintended consequences. Estate planning is not one-size-fits-all, and only an attorney who specializes in estate law can account for unique circumstances like second marriages, disabled heirs, nursing home planning, or tax strategy.
Final takeaway from Thomas Begley?
Tom’s core advice is simple: “Get proper advice.” Don’t cut corners with your estate. An experienced estate planning attorney helps ensure that your wishes are honored, your loved ones are protected, and your legacy remains intact. Whether it’s minimizing taxes, avoiding probate, or preventing family conflict, good planning today prevents costly problems tomorrow.