Attorney Margie Karl explains why now is the best time to make sure your affairs are in order
By Patricia Nugent
Hopefully at this point, your mad dash to pinpoint documents, statements and receipts to prepare for filing your taxes by April 15 is behind you.
Once you’ve pulled everything out and organized it, now is a great time to make sure your final affairs are in order. Do you have a last will and testament or living will in place? If yes, when was the last time you updated it?
“After taking a good look at your financial snapshot, you may find more assets than you thought you had, so now might also be the right juncture to set up trusts for your children to save time, money and heartache in the event of your death,” says attorney Margaret T. Karl, who lectures throughout the Cleveland area to educate people about their rights and the best strategies for protecting their assets.
Oftentimes, if clients have wills, she says, they haven’t updated them in many years. “Elements can shift, especially in family dynamics,” Margie notes. “For instance, the people you may have wanted to be guardians of your children when you drafted your will may not be the ones you’d want currently.”
The good news is, the process is simpler than most people think, requiring a single office visit in most cases. And Margie realizes how busy people are nowadays, so she makes house calls and will even meet with clients in senior care facilities if needed.
Where Should You Store Your Docs?
“In the past, people kept their important documents in safety deposit boxes at their banks,” she says. “But they don’t really do that much anymore, as the boxes are pretty small.”
Another option is having your will stored in a vault with the county. Margie recommends if you utilize this storage method, be sure to take good care of the receipt.
“I recommend buying a small safe or fireproof box to store them,” she says. “You can get these at stores such as Walmart or Lowe’s.”
No matter where you store your important documents, it’s imperative that your family can get to them in the event of your passing.
“Show them where you keep them,” says Margie. “If you have a safe, make sure your family knows the combination. If there’s a key to a lock box or safety deposit box, make sure they have a duplicate. Also, if you have a box at the bank, make sure your family has access it.”
She says it’s common for someone to pass away, and then their family cannot find the will.
“I receive several calls a month from clients’ families looking for a copy of the will because they can’t find it. I keep copies, but in many cases you need the original of this document,” she adds. “Sometimes people get a little safe and think they have to hide it. And in other instances, people will take a power of attorney to the bank or hospital, come home and forget to put it back in a safe place.”
“In the end, making sure a person’s will and estate are reviewed for beneficiaries, etc., is important,” says Margie. “What we want is to avoid the probate process if we can.”
Margaret T. Karl, Attorney at Law is located at 1100 West Bagley Road, Suite 210, in Berea. Office hours are Monday through Friday, 8:30 a.m.-4:30 p.m. For more information, call 440-973-4145 or visit BereaOhioLaw.com.