What Happens When You Don’t Have a Will:
Dying without a will, legally, that’s called “dying intestate,” is not against the law. You don’t have to have a will if you don’t want to. No one can force you to have a will. But, if you do die without a will, depending on how many heirs you have, the extent of your assets, and the complexity overall of your estate, you’ve pretty much guaranteed that your heirs will be faced probate, meaning you’ve “gifted” them with a complicated, potentially expensive situation that go on for months, even years. And no one gets their inheritance until all is settled. In short, it will be a hot mess. It amazes me that statistically less than 50% of adults in the US have wills and yet, 100% of adults in the US will die. Don’t leave your loved ones a legal nightmare that could have been avoided simply by having a will.
What Happens if You Don’t Have a Healthcare Power of Attorney:
I’m sure you know that the healthcare community is becoming increasingly regulated, from HIPAA rules to hospital regulations. Much of it is for our privacy protection, but sometimes they can go beyond what one might consider reasonable. For example, a husband was denied access to the ER where his wife had been taken after a car accident. How can that happen? Strictly speaking, if the hospital is a “stickler” for following the rules, without a Healthcare Power of Attorney on file, they can refuse access. A Healthcare Power of Attorney is a document that allows an individual to designate another person to make medical decisions on their behalf when they are unable to make decisions for themselves. Again, if no such document exists, things can get complicated quickly, not to mention the husband being denied the opportunity to provide input on his wife’s proposed treatment.
Yes, Your Pet May Be a Family Member, But They Can’t Be an Heir
Pets are living longer than ever, thanks to the excellent care we provide, meaning there is a greater chance than ever that our pets may outlive us. At the same time, they are increasingly being considered members of the family. Perhaps you’re considering leaving everything you own to your beloved pet. Nice sentiment, but technically, your cat, or dog (or lizard or parrot), cannot be your heir. You may be shaking your head no on this as you remember how Leona Helmsley, the famous hotel heiress nicknamed the “Queen of Mean,” left her millions to her little Maltese, Trouble. She did and didn’t. The way she got around it was to set up a well-funded (very well-funded, originally $12 million) trust fund for the dog to live out its life in pampered luxury. A side note, the “Queen of Mean” also used her end-of-life documents to cut two of her four grandchildren out of her will and estate. It is not known what they did, or didn’t do, to cause that to happen.
When Your PCP Asks if You Have a Living Will, Do You Tell the Truth When You Answer?
I am under the impression that many people tell their doctors they have a living will, when in fact they don’t. That may be because of confusion about what a living will is. Some think it has something to do with organ donation. Others think it has something to do with blood transfusions. Others have no idea, but instead of admitting it, they just say yes. The following is the definition of a living will, and after that, why it is important for you to have one so you can be honest and answer yes the next time you’re asked.
A living will is a document that details your wishes regarding life-sustaining treatments, including artificially or technologically supplied nutrition and hydration, to be withheld or withdrawn if you are unable to make informed medical decisions and are in a terminal condition or in a permanently unconscious state. As we all know, medical professionals strive to maintain a patient’s life. While that is an admirable goal, if an individual is terminal, maintaining that person’s life with an assortment of artificial life support methods, may not be what the patient would have wanted (had they been asked or had a Living Will on file) or the best for heirs, as the medical bills pile up, diminishing their inheritance. In the end, a living will allows you to direct what happens to you if you are ever in that situation. Your loved ones will appreciate your forethought.
Did you already know all four facts? If so, you have probably already taken the necessary steps to get your affairs in order. If not, perhaps this will provide the little nudge needed to do so. I’d be honored to help; let’s discuss your unique situation and how you want to protect not only your hard-earned assets, but more importantly, your loved ones as well. Call me to schedule a meeting at 513-399-7526 or visit my website at www.davidlefton.com.