While seniors and near seniors have seen an increase in the need to create a will, there is little follow-through on creating those wills, advanced healthcare directives, and estate plans in general. Two out of three Americans do not have crucial estate planning documents.

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Somewhat surprisingly, the report finds that because of the COVID-19 pandemic, younger adults are more likely to engage in the estate planning process than older generations. These same younger adults were also more likely to follow through and create the legal documents.

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The study cites four main reasons seniors and near seniors do not have a will and other accompanying estate planning documents. More than thirty-five percent say they just haven’t gotten around to it, and just under thirty-five percent state they do not have enough assets to leave to anyone. The other two reasons are that the individual does not know how to get a will and their estate plan in place or believes it is too expensive to set up. These procrastinations and misunderstandings mean that almost two-thirds of Americans have no estate planning documents. However, the majority of Americans believe you should have a will by the age of thirty-five.

Since the advent of COVID-19, law offices across the country have pivoted to virtual meetings and can even accept verified e-signatures in many circumstances. Creating these legal documents can be made simple and, in most cases, cost-effective. Getting started may be uncomfortable at first because no one particularly likes thinking about their mortality; however, you are likely to experience peace of mind when finished. If you have a spouse and family, they too will be relieved to know the issues are addressed and legal documents are in place.

There are three main estate planning documents you will encounter; wills, advanced directives, and trusts.

Wills – A will is the most common type of estate planning document and dictates several things. It will name a personal representative (executor) to handle the estate, property division, debts, taxes, and guardianships. For some, a will may be all the estate planning needed. However, additional documents such as a trust may be necessary for individuals with more extensive assets or who fear family disputes may impact the will. Dying without a valid will in place is known as dying “intestate,” for which states have laws as to how to proceed. The estate’s assets are frozen while the court assesses details and applies the state laws to disperse the deceased’s possessions. This process can be exhausting and time-consuming for the surviving family. Additionally, a percentage of your estate will pay probate fees, ranging from three to eight percent of the total estate value.

Advanced Healthcare Directives – This document stipulates a person’s desires regarding their end-of-life care or what will happen if they become incapacitated and unable to make decisions for themselves. It will also name a medical power of attorney to act on your behalf. Advanced directives will take effect during a person’s lifetime, unlike a will enacted upon that person’s death. Despite the importance of outlining your wishes for care, the survey finds one in five (eighteen percent) do not know what an advanced healthcare directive is. This directive can guide medical professionals and your family in the event you no longer can. In this age of medical technology that can sustain life more readily, an advanced directive relieves pressure on your family members when it comes time to make difficult decisions such as life support.

Trusts – A trust entity is helpful for several reasons. A trust provides more robust support than a will for individuals with larger estates, more significant amounts of property, or expectations of a disability. Like an advanced healthcare directive, a living trust takes effect upon its creation. As the trust grantor, you will put the desired property in the trust and establish a successor trustee(s). Most living trusts are revocable during your lifetime (meaning you may amend the trust document or what is in the trust) and become irrevocable upon your death. Generally, there are tax and inheritance benefits to having a trust, and the document is not a public record; therefore, your successor trustee can manage your estate privately.

Estate planning documents are more accessible than ever to create and implement in this digital age. Video conferencing and changes in laws and regulations allow you to e-sign and store estate plans online, permitting you to create your plan from the convenience and safety of your own home. By breaking up the process into smaller steps and asking yourself some basic questions, you may find that your estate plan practically writes itself. Think things through, talk things over with your loved ones, and then contact a qualified estate planning attorney. This very achievable goal is more important than ever and easier than you think. We hope you found this article helpful. Contact our office at (740) 947-7277 and schedule a free consultation to discuss your particular situation.

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In an ideal world, a trust runs like a well-oiled machine. The creator of the trust is even-handed and fair in where he wants his money to go. The recipients of trust funds – the beneficiaries – want the best for all, including themselves. The trustee – the person entrusted with managing the money in the trust – is conscientious and responsible. She invests wisely. She provides beneficiaries with regular accountings of how those investments are doing. She pays beneficiaries earned interest right on time. When the trust has served its purpose, she pays out assets and winds up the estate.

That’s the ideal world. Not everybody lives there, unfortunately. Individual trustees can be inexperienced, overworked, overwhelmed, intentionally uncooperative, or even abusive or dishonest. Beneficiaries can become anxious and suspicious, with or without reason. And grit gets in the gears.

If you are a beneficiary who’s concerned that the trustee is not living up to her duties, we suggest a stepped approach. Start by being nice and assuming the best intentions. Specifically, identify what’s troubling you. Try to sit down with the trustee to discuss your concerns. Disagreements may turn out to be misunderstandings that can be worked out amicably.

If you don’t have a copy of the trust document, ask for it. Do not believe what you’re told about what the trust says. You as beneficiary have the right to read the document and to make sure that what you think you are entitled to is in fact what you are entitled to.

Beneficiaries have the right to know where trust funds have been placed, how much income the funds have earned, and how much the trustee has spent on expenses and commissions. If your trustee has not provided you with an accounting, ask politely in writing. Request that the trustee responds within a specified reasonable time. If your request is simple – for example, you are only asking for a copy of the trust document – that time could be short. If you want an accounting, allow the trustee more time to calculate expenses and reconcile accounts.

If all goes well, the situation may be resolved at that point.

If not, though, act immediately. Don’t merely hope things will take care of themselves. Your time to go to court is limited and you may be penalized for not acting promptly. Call an experienced trust-and-estate lawyer. General practitioners may be good negotiators, but they are probably unfamiliar with current trust-and-estate law. You need an attorney who has extensive experience with trustees or executors who have mishandled an estate or otherwise breached their duties. And remember – you need your own attorney, not the attorney who drafted the trust.

You and your attorney can then choose the optimal way to reach your goals. Maybe simply a letter from the attorney to the trustee will do the job. If it doesn’t, though, it may be time to go to court. Your attorney will advise you.

But what if you think the trustee is actually stealing? Misappropriating your inheritance? Isn’t that a crime? A police matter?

Yes, but. The police won’t pursue a case unless the trustee has actually embezzled or absconded. Otherwise, if your trustee has invested funds recklessly, or lost money, or won’t communicate with you, those are civil disputes that are resolved in probate court, not a criminal court. The probate judge can force uncooperative trustees to act, or, if necessary, may remove the trustee altogether if she is unfit or the situation otherwise warrants.

In sum, an individual serving as trustee is responsible to communicate honestly and openly with beneficiaries, gathering and invest property of the estate, and to account for the property that passes through. That can be a big job, so allow your trustee some latitude if possible. But life being what it is, drama and chaos can break out, especially if familial relationships aren’t what they could be wished for.

If you find yourself in that situation, we would be happy to talk with you about how we could help provide support and expertise, to move toward a happier solution. Contact our office at (740) 947-7277  and schedule a free consultation to discuss your particular situation.

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The estate is all the property owned both individually and jointly, including bank accounts, real estate, jewelry, etc., and what is owed. Without an estate plan, it is very difficult to carry out a person’s wishes and can bring on a long, drawn-out probate that can be very expensive for the family. If an estate plan is in place, it can provide peace of mind for the senior adult and their family, as well as protection for the wishes of the senior.

Below are some basic guidelines for what should be included in an estate plan.

1. Will. A will provides for an executor of the estate, who will take care of managing the estate, paying debts, and distributing property as specified. The distribution of assets can be outlined in the will. This can be as broad or detailed as a person wishes. In a will, beneficiaries and guardians for minor children should be assigned. It may not seem necessary to discuss minor children when discussing seniors and estate planning, but with the rise of grandparents raising grandchildren, this may indeed be an important part of the will. A senior adult can spell out, in the will, how they want their funeral and burial to be carried out as well.

2. Living Will. A living will outline a senior’s wishes for end-of-life medical care. It can include, in as much detail as the senior wishes, what medical treatments the senior would or would not like to have in specific situations. A living will takes the stress of making those decisions off of family members and helps to keep peace in families during times that can be difficult and emotional.

3. Healthcare Power of Attorney. A healthcare power of attorney is also a key part of an estate plan. This legal document provides for someone to legally make healthcare decisions for a senior adult. A durable power of attorney will remain in effect for the senior if the senior becomes unable to make decisions.

4. Financial Power of Attorney. A financial power of attorney names an agent who has the power to act in the place of the senior adult for matters relating to finances. The durable financial power of attorney stays in effect if the senior adult becomes unable to handle their affairs. By having a financial power of attorney in place, the stress and expense of a guardianship can be avoided, and the senior has the final say in who will make decisions relating to finances.

5. Trust. Setting up a trust can be beneficial for the distribution of specific assets or pieces of property. The benefit of a trust is that it does not go through probate, as compared to a will. Property is still distributed at the death of the trustmaker, but it is done without the need of a court. This also allows for privacy of the trustmaker, where with a will and a probate, all of the deceased person’s assets and the terms of their will are made public.

Having an estate plan is necessary if you or your senior loved one wishes to have a say in what happens at the end of life and with assets after death. Consulting and planning with an elder law attorney will help to ensure that all options are explored and the best possible solution is utilized. The elder law attorney can walk you through all of the necessary parts of the estate plan, provide an explanation, and prepare the paperwork. Elder law attorneys will help take the guesswork out of estate planning.

If you have any questions about something you have read or would like additional information, please feel free to contact us. Contact our office at (740) 947-7277 and schedule a free consultation to discuss your particular situation.

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As you engage in the estate planning process, it can be difficult to know where to begin.

That’s why it can be so helpful to work with an experienced Ohio estate planning attorney—one who allows you to navigate complex issues related to living trusts, wills, general and durable power of attorney and advance healthcare directives, among many others.

Why hire an estate planning attorney?

Although it is possible to set up a will online, the one-size-fits-all approach is rarely appropriate for most Ohio families. In fact, you run the risk of making some key mistakes that can cost you significantly in the years ahead.

Estate planning attorneys enable you to distribute your assets and property to your loved one as you see fit. They know how to negotiate the often-complex legal framework associated with living and last wills. Some of the matters with which an estate lawyer can assist include the following:

Specifying beneficiaries in a last will

Ensuring assets get distributed per your wishes

Establishing who possesses power of attorney, which is critical if you were to become incapacitated and unable to make decisions for yourself

Creating a cohesive last will and testament, reducing the likelihood that someone tries to challenge it after your passing

Setting up your funeral and burial arrangements to reduce stress for your family members and friends

A tailored strategy for your estate planning needs

When searching for an estate law attorney, try to find a professional who takes the time to listen to your needs and goals, and then develops a strategy that works best for your specific situation. Any estate plan you establish should take all your life circumstances into account, including your marital status, children, total wealth and potential charitable contributions. A truly skilled estate planning lawyer will explain the options available to you and enable you to gain full peace of mind regarding the future.

Ultimately, working with an estate planner gives you and your family the assurance that you would not otherwise be able to achieve as you grow older. You may clarify exactly how you would like to distribute your assets so there are no questions or arguments among your loved ones following your death.

A qualified estate law attorney can also help you update your plan as needed based on major life changes. For example, it’s important to revisit your estate planning documents if you get divorced, enter a new marriage, have a child or experience a significant change in your income—good or bad. Working face-to-face with an attorney may also reduce miscommunication and gives you a means to discuss any potential concerns upfront.

If you would like to learn more about setting up wills, trusts or other mechanisms as you plan for the future, consult a skilled estate planning lawyer as soon as possible. It can be a great way to preserve more of your wealth and ensure you are taking care of your beneficiaries using the most effective means possible.

For answers to your estate law questions, reach out to a reputable Ohio attorney at Seif & McNamee, with conveniently located offices in Waverly and Chillicothe.

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