life planning - wapak daily news · 2018-01-26 · 2 | life planning guide wapakoneta daily news...

LIFEPLANNING

2018&DAILY NEWSW A P A K O N E T A

Evening

TheLEADER

GUIDE

2 | Life Planning Guide Wapakoneta Daily News and The Evening Leader • January 2018

Jason E. ThisATTORNEY AT LAW

P.O. Box 425030 St. Rt. 66New Bremen, Ohio

Phone: (419) 629-8108Fax: (419) 629-0328

Creating a physical list of your belongings will give you a visual guide for how you want to divide them among benefi-ciaries. It also will ensure that you didn’t leave out anything.

PHYSICAL BELONGINGSTaking inventory of belong-

ings that you own will give you a good idea of your estate’s overall worth. Begin in one room and jot down the items you feel are valuable and their estimated worth.

Indoor household staples you should include are typi-cally televisions, furniture, jewelry and other expensive items. Typically, you should only list items that are worth more than $100, but an item that you plan to give as a gift must be listed no matter the value.

Taking inventory outdoors is another part of the process. List vehicles, lawn equipment and any power tools you may have in your garage. These may seem like minor details, but you can alleviate a lot of the burden on your family by taking these steps.

If you are a collector of any special items such as stamps or autographed memorabilia, you may need to find an expert to give you an accurate appraisal of your collection’s value. For instance, values of antique items can vary greatly. You may even find out you

have an antique of significant value during appraisal.

FINANCIAL BELONGINGS The next step of inventory-

ing your belongings is to list your non-physical assets. List your bank accounts (joint or separate), 401(k) plans, IRAs, life insurance policies and

every other type of insurance policies you have. These may include homeowners, health and auto.

You can’t have a solid plan for how your financial assets will be doled out without first knowing exactly what makes up your portfolio. Start work-ing with an advisor today to

define and inventory the worth of your resources.

DON’T FORGET DEBTSEven after our death, our

debts remain and can become the responsibility of whoever you choose as executor. This person will be charged with using the assets of your estate

to cover your debts.Here you should list any

money you owe for your home, vehicles, credit cards or medical bills.

It’s a good idea to acquire a credit report to make sure there are not any lingering credit card or other debts you may have forgotten about.

No one likes to talk about their own death, but having a solid last will and testament will ease the amount of stress on your family at the time of your passing. A detailed

list of your physical and financial belongings is an important part of this legal document.

Inventory Your Belongings

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Wapakoneta Daily News and The Evening Leader • January 2018 Life Planning Guide | 3

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There are typically two doc-uments that need to be com-pleted before your medical wishes can become official in case you become incapacitat-ed.

You may have heard the first one called a living will, an advanced directive or a patient advocate designation. Regardless what name it goes by, it is a crucial document. A second important document lists who you have chosen to be your power of attorney.

CREATING A LIVING WILLYour living will is created to

explain how you wish to be treated during a medical emergency that leaves you unable to direct treatment on your own. This document covers important answers to questions regarding resuscita-tion, your desired quality of life and end-of-life treatments that you may either approve or reject.

When drafting your living will document, discuss its terms with your doctors, as they will likely be in on the decision about how treatment should be facilitated. Provide detailed instructions to your doctor on the treatment you prefer; he may be able to sug-gest other possible additions. Be as thorough as possible to take some of the weight off your power of attorney’s shoulders.

DURABLE POWER OF ATTORNEY

There are different types of power of attorney, but when creating your document, you should appoint a reputable power of attorney. This gives your chosen agent power to control your finances and

medical decisions if you are ever incapacitated.

The process of choosing a trustworthy power of attorney demands extreme consider-ation and trust, as you will be putting your medical wishes solely on them. The AARP has some useful tips on factors to

consider:• Choose a loved one who

you feel can handle the responsibility;

• Meet with an attorney to ensure your document meets state requirements;

• Give your choice access to your bank account to handle

your finances. She will only have access to funds in order to benefit you;

• Discuss the person’s financial situation to be sure he is in good standing in managing his own money before you commit to him managing yours.

W hen preparing your final will, an important section will cover health care directives. This section provides legal instructions about the type of care you want in case

you face a medical condition that leaves you unable to declare these wishes yourself.

Health Care Directives

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There are different ways you can prevent probate and ensure your property passes directly to your bene-ficiaries without the hassle of court. Probate is easy to avoid and usually only takes a visit to your financial institution and instructions in your final will.

PAY-ON-DEATH REGISTRATIONYou can easily change your bank

and retirement accounts into pay-able-on-death accounts. There is a simple form to fill out which gives you the opportunity to list a benefi-ciary. Ask your bank where you can find this form.

In some states you can even regis-ter your vehicles and home for the same type of transfers. This is possi-ble by creating titles and deeds that are not allowed to be transferred until death.

JOINT OWNERSHIPIf your state does not offer a way to

make your home transferable at the time of death, consider making the beneficiary a joint owner. This can be completed by simply adding your loved one’s name to your mortgage title.

If you intend to leave your home to a spouse, you may become familiar with the term “tenancy by the entire-ty.”

This type of joint ownership that can only be used by married people and is an effective way to avoid pro-bate after death.

If you choose to leave your home to

someone other than a spouse, you will need to jointly own your property as joint tenancy. In the occurrence of death, the other owner automatically receives the property, avoiding pro-bate.

GIFTING PROPERTYSometimes the easiest way to avoid

probate is to give your belongings away before death occurs. Obviously, it may be more difficult to give away large items such as homes or vehicles,

but consider giving heirlooms or other small items away to the benefi-ciary you intend.

As an added bonus, you also will be rewarded by being able to see the recipient’s gratitude for the gift.

© FOTOLIA

P robate is a sometimes lengthy process that happens after a death. It can take months to a year before your belongings are divided as you wished. This tedious process may cause

unnecessary stress on your loved ones as they wait for the courts to decide on their inheritance.

Avoiding Probate


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They may be able to make your final will a legal docu-ment, but there is no substitute for a hands-on, face-to-face experience with a professional estate lawyer.

When executing an import-ant, final document such as a will, you may find more com-fort working with a real person rather than staring at a com-puter monitor. An estate lawyer knows all the intricate details that pertain to the estate laws of your particular state. He also will provide a personal touch that a computer program can-not.

PRE-MEETING PLANNINGYour lawyer will require spe-

cific information about your finances and belongings. Before you meet with your law-yer, acquire documents that show where you stand finan-cially.

The American Bar Association has listed some of the documents you should gather:

• Previous wills;• Life insurance policies;• Powers of attorney; and• Employment benefits.Attending your meeting with

these documents and informa-tion about your assets and financial situation will ensure a smooth start to processing your will.

SCHEDULING A MEETINGA consultation with an estate

lawyer will be the first step in the process of creating your final will. Here, you can get a quality explanation of how a will should be written up and how it dictates the distribution of your belongings after your passing.

This initial meeting is your chance to become comfortable with your estate lawyer’s firm. Inquire about rates and ask to have them put into an engage-ment letter, which acts as a written agreement between you and your attorney. If your state does not require this let-ter, it still is a good idea to inquire about one for peace of mind.

IS DIY WORTH THE RISK?Most DIY will programs have

a disclaimer that states some-thing like, “not a law firm and not a substitute for the advice of an attorney.” Why risk the assets you spent most of your lifetime working toward with-out some reassurance?

An estate lawyer will do far more than just draft a docu-ment. She can offer experi-enced advice and tailor your will to protect your family and assets. You also will have some-one who is able to legally stand up for your estate when you no longer can.

You probably have been overloaded with advertisements for DIY will programs

that claim to meet legal standards. These documents are typically prepared by simply filling in blanks on a website.

Find a Professional Attorney

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Jeff OverbergFinancialAdvisor

404 Hamilton Rd.Wapakoneta, OH419-738-9658800-995-0247

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MAKING SENSE OF INVESTING

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136 West Spring St.St. Marys, Ohio

(419) 394-2381 or 800-582-2123

Most likely, the state will leave your belongings to your closest family members, such as a spouse, children or imme-diate family members. This may delay the process of a transfer, however, and if close relatives cannot be located, your belongings are inherited by the state.

INTESTATEDying intestate means that

you died without providing a valid final will. This means you are giving the state full control of your belongings and how they are divided. I this case, the state will have full control on your bank accounts, retirement funds, real estate and any other assets you possessed.

Each state has different intestacy laws to determine what happens to your estate. How they decide to divide your belongings depends on your marital status and whether you had children. In some cases, your entire estate can be split in equal shares between your spouse, children, siblings, aunts and uncles, and even dis-tant relatives who may not be a large part of your life.

Preparing a will is the only way to ensure the ones you love the most will receive the inheritance you leave behind.

LEGALIZING A WILLCreating your final will is

your way of dividing your belongings up among loved ones after you’re gone. This can ease the stress your family must deal with after your pass-ing. Your will is not worth any-

thing, however, until it has been legalized.

State laws differ when it comes to legalizing a will, so it is best to check with a local attorney. Most states only

require a will to be signed by two witnesses and be signed and dated by yourself to make it official. Your witnesses must watch you sign and date the document and are not to be

listed as beneficiaries to your inheritance.

It is usually not required to get a will notarized, but it may help simplify court procedures in case of a challenge.

© FOTOLIA

Without a will, you are playing with a dangerous game of chance. If you don’t have a legal method to outine who you want in

possession of your property, state law steps in and decides for you.

Going Without a Will

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Your estate plan still requires some maintenance and possible over-hauls. There are several major life events that should cause you to take a look at the plan you have in place.

If you created your estate plan as a young adult, it is very possible that your plan could use some different tweaks as life goes on. It is very easy to adjust documents such as your final will and power of attorney as monumental life events occur.

HOW OFTEN YOU SHOULD REVIEWWhile there is no legal requirement to pay additional attention to

your estate plan once it’s been written up, it is still important to update it. Consider letting your estate lawyer look over your docu-ments at the beginning of each year. This will ensure that your docu-ments hold up to new laws and tax codes that are introduced yearly.

Major life events require immediate attention to your plan as they occur.

A more thorough review of your estate plan should be reviewed at least every five years. This will allow you to adjust your assets and financial status to their current levels.

MAJOR LIFE EVENTSLife happens. Sometimes great things occur, but alternatively, neg-

ative things can require a change in your estate plan. What kind of events constitute major life events?

• Marriage/divorce: Either of these events occurring will require a swift change to your plan. In this instance, you will probably want to add or delete a beneficiary.

• Moving: If you decide to lay roots in a different state or country, you will need to redo your plan in accordance to the new location’s tax and estate laws.

• Death: If someone who is listed as a beneficiary in your will pass-es away, you will need to adjust their inheritance amongst other heirs.

OTHER CAUSES FOR UPDATESOutside of regular maintenance and major life events, there can be

other reasons to update your estate plan.Sometimes, your designated power of attorney will be unable to

uphold the responsibility required. This could be due to illness, mov-ing long distance or death.

Changing doctors is another reason to adjust your plan. You will need to meet with your new doctor to discuss medical directives you set up previously.

Y ou have taken all the proper steps to secure your family with an inheritance

that you spent your life working toward.

ESTATE AND PRE PLANNING GUIDE | STAYING CURRENT

Estate Plan Maintenance


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The American Bar Association defines digital assets as, “any online account you own or any file you store on your computer or in the cloud.” For most of us, that’s a lot of content. For this reason, it is important to administer a clear plan for your digital assets after you’re gone.

MAKING A LISTThe best way to begin assess-

ing the number of digital assets you own is to create a physical list. This list should contain any computer hardware, social media accounts or any account you use to manage your online finances. Here are some exam-ples:

• Hardware includes com-puters, hard drives, tablets, smartphones, e-reader or any other digital device.

• Information that is stored electronically. This includes email accounts, domains you own, online banking accounts or shopping accounts.

WHAT SHOULD BE DONE UPON DEATH?

Now that you have a com-plete list of your digital assets, it’s time to determine how you want an executor to handle them. A digital executor is someone you choose to be responsible for your digital assets after death. Share your plans with them on how you

want your digital assets man-aged.

You can give this executor instruction and permission to do many different tasks in order to manage your digital estate. Some of these include:

• Closing accounts that require a monthly premium for

service. This could be online television streaming or music streaming services.

• Transferring any credits or money from online payment accounts to your heirs.

• Informing online commu-nities that you may have fre-quented of your passing.

IS IT NECESSARY?While some states don’t

legally recognize digital estate plans, it is still a good plan to have.

Your loved ones should know about any website that may store important financial information, like credit cards

or banking numbers. This way they can terminate the accounts and stop payment from being deducted.

Discuss with an estate attor-ney how you can legally name a digital executor. He should be familiar with the necessary language.

Traditionally, estate planning required a will, power of attorney and documents supporting life insurance and financial accounts. In the modern day, there is another crucial piece

to the puzzle. You also should have a plan in mind to manage your digital estate.

Digital Estate Planning

© FOTOLIA

life planning - wapak daily news · 2018-01-26 · 2 | life planning guide wapakoneta daily news...

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