IT’S never too late…Better late than never…. Maxims we run into everyday. But sometimes it is too late when dealing with estate planning documents.
As they say, you can’t take it with you -- but unless you do some planning you may not be able to leave it behind either. Estate planning simplifies things for survivors and can reduce the financial bite.
Nobody likes to think about death, especially in our culture where merely talking about it connotes stigma or bad omen. When you start to think about estate planning, you start to think about how you might die. It’s a sad thing to think about for many people. But you should try your best to stay strong so that those that you love can get what you would’ve wanted them to have.
Many people find it uncomfortable to talk about money and estate planning, particularly if death is near. Even if you only have a small amount of wealth, you want to make sure that if you pass on; your property goes to the right people in your life and particularly avoids probate.
Here are a few cases from my files (I’ve used pseudonyms to protect identities):
One afternoon, I received a call from a niece whose aunt, Margo, 76 years old, unmarried with no children, passed away while on vacation in the Philippines. Another niece in the Philippines sent a scanned copy of my newspaper ad about living trusts and wills from Margo’s wallet. They’re hoping that Margo might have left legal documents bequesting her assets. The name didn’t ring a bell to me nor did it come up with any result as I searched my files.
Three successive calls came during lunch time from a girlfriend surviving the sudden death of a boyfriend. The boyfriend has a typewritten will but never witnessed. (Remember that California law requires that at least two witnesses sign the will; not necessarily notarized. However, a holographic will (decedent’s own handwriting) can serve by itself so long as it contains all the elements of a valid will). The man has previously been married with a child but the girlfriend contends that he wanted to live his assets to her. Unfortunately, no valid legal document supports her case so I simply asked her to go consult with a lawyer.
Recently, a married man dropped by, asking me to draft and finalize a special power of attorney. His 52-year-old wife had a serious stroke that resulted in paralysis and physical disability. She worked two jobs as a nurse and took care of all the family bills, mostly online. Poor husband was left trying to figure out how to get through all the online accounts (he didn’t have the user names and passwords), returning the new luxury car to the dealership, and closing a joint bank account under the wife’s name alone. All these would have been easier to achieve with a Power of Attorney in place.
Lesson learned from these few examples: Don’t wait. Do your planning now while you are feeling good and you are mentally and physically competent. No one knows when the inevitable happens…. That’s a certainty!
NOTE: Evangeline is not an attorney nor does she provide legal advice. She prepares legal documents at the specific direction of the client. She is a Legal Document Assistant (LDA # 397, registered and bonded in Los Angeles County, expires 3/23/2011).
* * *
Evangeline can be reached at her marketing location at the Ground Floor of Eagle Rock Plaza (in front of Jollibee), 2700 Colorado Blvd., Los Angeles, CA 90041 or at her business address at 450 N. Brand Blvd., Ste. 600, Glendale, CA 91203, phone number (323) 356-3803 or (323) 254-6787.
* **
The purpose of this article is to provide information of general interest to our clients and prospective clients. The information provided is general in nature and should not be considered complete information on any product or concept described.
( Published April 10, 2010 in Asian Journal Los Angeles p. C2 )
| < Prev | Next > |
|---|
