At the risk of coming across as “doom and gloom”, this article brings an important issue to the forefront. Ilana Kaplan, writing for “BESTLIFE” online on 2/6/22 puts it this way:
“While it may be uncomfortable to think about, one of the most important financial decisions you can make as you get older is to set up a will. Despite the emotional toll it may cause in the short term, having control over what happens with your estate when you pass away will be worth it. Without a will, decisions made about your property and assets will be handed over to local courts, which can make an already challenging time even harder for your loved ones. Read on to see the one thing a financial expert advised not to leave out of your will if you’re over 50.
You need to address the possibility of incapacity.
According to a 2021 survey from Caring.com, nearly two-thirds of adults still don’t have a will. Of course, discussing estate planning isn’t easy—but the reality is, it’s necessary. But even for those who have or are planning to check off this box soon, many often don’t consider a plan for addressing the possibility of incapacity. “Your plan is not complete unless you’ve also got some way of addressing incapacity,” says New York City Trusts and Estates attorney George Bischof. “The simple tool for that is power of attorney, the more robust tool for that would be a lifetime trust or a revocable trust.” In the event you’re incapable of making decisions because of your mental state or disability, this acts as a fail-safe.
Your will shouldn’t stand alone.
According to Bischof, a will should be “a part of a package of documents that address not only who gets what and who does what when you die, but also who can take care of business if you’re not able to care for yourself.” Designating someone in advance allows you to avoid having court involvement and lets you take control of your future. “The law provides plenty of opportunities for you to select who will have authority and care for you if you become incapacitated,” he explains. Ultimately, this is something that you can and should discuss with an estate planning lawyer or whoever is helping you set up your will.
I’ve had a number of Cincinnati clients who initially asked for my help with their will. I was happy to help. That said, once we began discussing the details it was clear, they hadn’t considered the possibility of being incapacitated. A will only become effective upon your death. How will your financial affairs be handled during that time? These are questions that often lead my clients to decide that a trust is right for them. If you’re thinking of taking the first step in estate planning, I’d be honored if you’d let me help you. Why not begin by checking out my services page https://davidlefton.com/services/ to learn more?
For more information about estate planning, probate, or trust administration in Cincinnati and throughout the rest of Southwest Ohio, and to review free resources regarding estate planning, probate, or trust administration, visit my website https://davidlefton.com/ If you have questions regarding this article or a particular legal matter, feel free to contact me at 513-399-PLAN (7526). David H. Lefton is an Estate Planning and Probate Attorney. He is a partner in the law firm of Barron, Peck, Bennie & Schlemmer.
Source: “BESTLIFE” online; written by Ilana Kaplan 2/6/22