What happens to her if something happens to you?

What happens to her if something happens to you?

All, Child Custody, Probate & Estate, Wills

It sounds simple; You just want to give your assets to the people you love in a way that provides for those that can’t provide for themselves and avoids fighting so the family stays strong.

Should I download a Will template or should I meet with a lawyer?

Family structures have gotten pretty complex in the last few decades. With many couples electing to not marry and live together with or without having children, with divorce rates over 60%, and remarriages extending core families, there are lots of horror stories stemming from Wills that weren’t written properly. Loopholes and estate plan ambiguity can provoke your loved ones to contest your Will and file lawsuits to claim what is “rightfully theirs”. Ohio inheritance laws update frequently. Uncle Sam may (but not often) want a piece, how can you minimize the tax? An estate lawyer can be extremely helpful.

What is actually yours to give?

If you’re married, divorced with children, or have contracts (i.e. prenuptial agreements and/or certain trusts), you may have restrictions.

What should your Will include?

Here are a few basics:

Beneficiaries are people you choose to receive real property or personal property in the form of cash or assets. It’s common to name your spouse, children, friends, charities, or other family members.

Executor is the individual who will carry out what’s written in your Will. You can choose whomever you like, but most people choose a responsible friend or family member. If you don’t name an executor, often this job falls into the hands of an administrator who has to pay for a bond.

Parental guardian: If you are caring for young children, it’s important to name the person(s) you want to raise your children should you pass away. Since this is a major life endeavor for the person or people you name, list a few individuals in case one or two of them are not in a position to take on this role at the time of your death.

What should be left out of your Will?

Conditional gifts: You are not allowed to leave conditional gifts, such as bequeathing money to a beneficiary on the condition that they get married, get divorced or make some other life change. Although it may make for a good movie plot, in real life, it’s just not legal.

Final arrangements instructions: Your Will is typically not read until after the funeral, so your requests may not be carried out.

Allocate property to pets: Pets cannot legally inherit any assets. This kind of thing happens more often than you would think! Create a Pet Trust and leave assets in the care of a Trustee for the benefit of your pets.

Should I include a personal note?

You can attach a personal note to your Will as a way to say goodbye to loved ones. It’s a good way to personalize a somewhat sterile document. Some people leave a video.

Your Will may not be the only part of an estate plan. Various trusts can be of enormous help and may have advantages over a Will. You also can leave assets to transfer at death outside of Probate Court. The most important thing is to make sure your Will is as clear as possible so that your wishes are fulfilled correctly.

Contact Estate Planning Attorney Chuck Bendig to get started.

How do I make a home safer for my elderly parents?

How do I make a home safer for my elderly parents?

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If you have an elderly loved one, making adjustments to their home to make it more accessible is important for safety and independence, even if they don’t live alone. Can you imagine how frustrating it must be to not be able to navigate your own home; how a simple obstruction can keep you from getting in the front door? Below are 7 ways that you can help make a life a little easier and more independent.

1.Ramp

  • a wheelchair ramp should be one of the very first things on your list

2.Lighting

  • Install brighter blubs everywhere. New LED bulbs also reduce power consumption while making it easier to see.

3.Doorways

  • walkers, wheelchairs or mobility scooters don’t always fit through standard-sized doorways; consider widening doorways and entrances
  • replace doorknobs with lever handles.

4.Stairs

  • Unless you move your loved one’s bedroom downstairs and eliminate any need to access the second floor of the house, you will need a stairway lift or at least, carpeted stairs or non-slip treads.
  • strong railings at every staircase

5.Floors

  • remove throw rugs
  • apply non-slip wax to vinyl & wood floors.

6.Bathroom;

  • textured, no-slip strips in the bathtub and shower
  • grab bars near the toilets and in the tub/shower
  • a waterproof seat or chair in the shower
  • a high-profile toilet
  • a pedestal or wall-mounted sink that a wheelchair or walker can fit beneath.

7.Kitchen

  • replace knob-style kitchen faucet with lever style
  • move the contents of the top shelves
  • down to lower shelves to reduce the reach
  • remove obstructions that can trip (trash cans, bar stools, decorations, etc)

Encourage your parents to update or complete their estate plans. There are really 5 basic estate planning documents:

  1. Will
  2. Durable Power of Attorney
  3. Healthcare Power of Attorney
  4. Living Will
  5. Revocable Trust

It is a great gift for a parent to have everything in order when they pass. It can keep your family strong and minimize taxes. Their savings and possessions can help the people that they love.

It starts with a conversation. Call estate planning attorney Chuck Bendig @ 614.878.7777 or visit our website for answers to frequently asked questions and details.

5 Common Misconceptions about a Power of Attorney

5 Common Misconceptions about a Power of Attorney

All, Probate & Estate, Wills

MISCONCEPTION #1. A power of attorney can be authorized at any time.

– I received a phone call asking me to draft a power of attorney. The caller said that she had just received certification from her father’s doctor stating that he is no longer competent. “Can you draft a power of attorney and living trust for my dad?” she asked. Unfortunately, I can’t do that. Once someone lacks legal capacity, they can no longer sign any legal document including a power of attorney or living trust, which of course is the purpose of the document. At this point, the only recourse is a guardianship proceeding through the courts, which can be extremely costly and time-consuming.

MISCONCEPTION #2. Power of Attorney documents are all the same. I’ll just download one from the web.

– Everyone’s circumstances are unique. Without guidance from an experienced estate attorney, a generic POA document could expose your estate to legal challenges and interjections. Unfortunately, when problems with a POA are discovered it’s usually too late.

MISCONCEPTION #3. A Power of Attorney grants the agent the right to make any decision that they choose.

– Within a POA the agent has an obligation to make decisions that are in the best interests of the principal. While the POA grants authority, the right to act is based on fiduciary circumstances. If the action is not in the best interests of the principal, the agent does not have the right to act. In fact, many people fear signing a POA because they are concerned that their agent will mismanage their estate. Although the fiduciary obligation offers protection, it is important to choose someone that you trust to be your agent.

MISCONCEPTION #4. There is one standard Power of Attorney; it covers everything.

– It is much more flexible than that. The principal determines what powers to grant their agent in the document, which is why it’s important that it be drafted by an experienced attorney.

  • A general power of attorney governs all powers covered by a power of attorney, such as buying or selling property or otherwise managing one’s assets.
  • A limited or special power of attorney can grant very precise authorizations. For example, a power of attorney can be drafted which only grants the power to conduct a real estate sale.

MISCONCEPTION #5. Only a Durable Power of Attorney survives death.

-All powers of attorney terminate upon the principal’s death. The difference between a regular power of attorney and a durable power of attorney revolves primarily around incapacity.

 

  • A standard POA terminates upon death or incapacity. Once either of those events happens, the POA is invalid.
  • A Durable POA survives mental incapacity, but not death. The agent can act on the principal’s behalf even if the principal is declared mentally incompetent.