Estate Planning
“Do I need to update my will? My situation is very straightforward, and I don’t think anything has changed.” We are often asked this question, and everyone hopes that the answer is: “No—whatever you put in place 15 years ago is probably still fine.” Unfortunately, there are many reasons your will might need to be…
We often hear from family members that assume it’s too late for their loved one to create and sign a new will because the person has dementia. Yes, at some point in the disease process, a person living with dementia will lose the capacity to sign legal documents. Having a diagnosis of dementia, however, does…
If you own property in different states (say you live in New York but winter in Florida or live in Georgia but have family property in Ohio), your estate could be complicated for those that survive you one day. Real estate is governed by the laws of the state in which it is located, not…
We hear this question quite a bit. An individual will call us asking, “Do I really need a will? My situation is really simple, and I don’t really own that much.” A will is a device that lets a person control who you want to give your assets to. Die without one, and the state…
It is important to keep in mind that not all assets are affected by the terms of a will. Bank accounts, trusts, and retirement accounts that have designated beneficiaries transfer to the beneficiaries; these assets never go through probate if they have another way of being transferred. Likewise, certain properties can be transferred to co-owners…
I have a healthcare power of attorney over my father, and I am the executor of his will. He lives in another state and is currently in a rehab facility. He has no cell phone and no way of communicating from his bed. Can I use that healthcare power of attorney to contact his bank…
We highly recommend that individuals complete a Durable Power of Attorney for Financial Matters (or a POA for short). This important document is priceless in the unfortunate event of incapacity and is relatively painless to put in place. Despite its usefulness, many are still wary or ill-informed about the POA. Here are four of the…
Many family members are blindsided by this situation. They think they have everything in order so that they can pay the bills and access the accounts on behalf of their incapacitated loved one. So, they are shocked when a bank employee refuses to accept their loved one’s POA. They are effectively blocked from accessing their…
Most of our married clients come to our office with existing estate planning documents. They have Wills, Trusts, Durable Powers of Attorney and Advance Directives for Health Care that name the spouse as a beneficiary or responsible party. When a couple is dealing with the unfortunate situation of having one spouse in the nursing home…
Don’t wait to take care of your estate planning needs. It’s crucial to make these important decisions while you are in the prime of your life instead of waiting until you start declining.
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