While it’s difficult to warn against overpreparing, the issue with super-detailed planning is that any slight change in the situation can make the plan obsolete. The need to plan for our future should be balanced with the recognition that the future will be different from the present.
When it comes to legal maintenance for our lives, Lee suggests checking in on four broad categories.
First, he suggests making sure everyone has advanced directives in place, including powers of attorney. Second, he suggests making sure that an up to date will is in place. Third, he suggests making sure it will be easy for surviving friends and family to get the assets that are promised to them. Finally, he suggests checking into any liability concerns.
Attorneys are often asked how frequently a will should be updated. There are several benchmarks that should trigger updates to an individual’s estate planning documents.
Wills should be updated whenever the law changes and whenever an individual’s life circumstances change.
While Lee recommends that people hire licensed attorneys to help with wills and to advise whether or not they should be updated, there are four major considerations to keep in mind when deciding whether a will should be updated.
Deciding how to distribute assets among loved ones upon death may seem straightforward. In practice, it quickly becomes clear that it is not so simple.
The first step to saying goodbye to a family member involves taking your time to suitably grieve and be together with family and friends. One of the practicalities following a loved one passing away is hiring an attorney to help sort through and change ownership of assets.
Regardless of marital status, whether kids are in the picture, health and age, certain key documents are a key part of every adult’s moral responsibility to their family and friends. Many people think they’re too healthy or too young to worry about a will or power of attorney. However, in Lee’s opinion, every adult should have three legal document in place: general power of attorney, healthcare power of attorney and a will.
If you die without a will in the state of Ohio, consanguinity can help determine who has the rights to your property. Consanguinity is the practice of identifying how closely two people are related. It’s also known as finding next of kin.