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Legal Matters

Brought to you by: Community Partner Bradford & Holliman

You need a current estate plan- not one from three decades ago. Don’t be an ostrich refusing to face the fact that you might get really sick and die. Remember the acronym MEGO which means “my eyes glaze over?” We all have certain triggers for a strong case of MEGO – taxes, health insurance, Medicare, personal finances, estate and funeral plans, yard work, and housework. Procrastination may feel good today, but it can come back to bite you, particularly late in life.

Get your affairs organized and have your personal team ready to take over at a moment’s notice. If dementia or a catastrophic accident or illness occurs, it’s too late… and that’s while you’re still alive. You should have durable power(s) of attorney set up to handle everything from healthcare to financial decisions for long-term care for you. If you are incapacitated, who is going to know and handle the details?

Select a responsible and competent executor (younger is better) and give them easy access to deeds, investment accounts, bank account details, life insurance policies, pre-need burial plans, and funeral preferences, as well as your will. Verify that your designated beneficiaries align with how your will splits your assets among your heirs. If your executor charges your estate for their work which can last for years, you can save funds for your heirs by making this process easier… but only with advance planning.

Your personal affairs team needs to know each other. Your executor needs to know your estate planning attorney, your financial advisor, your accountant, your life insurance agent, and your employer even if you are retired. If you are depending on your spouse, don’t fall into that comfortable specialization of duties based on each partner’s interests. When one of you becomes seriously ill or dies, saying, “well, he always handled that” could leave you in a true bind and could cost you the security you both expected to have for the rest of your life.

Yes, keeping your affairs organized and ready to handle crises takes a lot of work, but keep it current while both of you are in good health and can pass along the specialized info that will be needed. So, don’t be an ostrich, get busy!

-Melanie B. Holliman, JD

Partner at Bradford & Holliman

Estate Planning, Trusts & Special Needs

205-663-0281

www.bradfordholliman.com

No representation is made that the quality of the legal service to be performed is greater than the quality of service performed by other lawyers.

Legal Matters

Brought to you by: Community Partner Bradford & Holliman

If your mom or grandmom is of a certain vintage, they likely do not need sweets to derail their diets or knickknacks to complicate their dusting for Mother’s Day next month. So, what is a devoted child or grandchild to do?

Ask questions about her life before you or your mother were born or about her parents and grandparents. The stories are just as important as the DNA you have inherited.

Ask if she wants to have the last word about her funeral or burial plans. One grandmother who lived to be over 100 updated her draft obituary every 5 years or so for about 20 years because she knew she could draft it best… and could edit out what she did not want to be shared! One grandmother had a granddaughter take notes on pastors, hymns, Bible passages, and showed her the fancy Eastern Star evening gown she wanted to wear. That grandmother also said she expected a good turnout!

If your mom is facing downsizing, encourage her to pass along precious memorabilia now, so that she can receive the appreciation now. Do not wait to put it in a will. Help her with spring cleaning such as sifting through what paperwork to keep for taxes and posterity and what to shred. By running the shredder, you can protect her from accidentally exposing important personal data that fraudsters and scammers could use. If her husband was a veteran, make sure she saves all military records in case she needs to apply for veteran benefits. Talk to her about simplifying financial affairs into fewer accounts. Her executor will bless you.

Know who is part of her personal affairs team- accountant, financial advisers, doctors, and estate planning attorney- and make sure they have the paperwork they need to support her. One adult daughter and her elderly mother strengthened their relationship by organizing papers for taxes together each early spring. Not only did it educate the daughter about her mother’s affairs, but interesting family stories came up. Your presence and attention are the best gifts you can give moms and grandmothers.