Four must-have estate planning documents everyone needs in their personal arsenal

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A misconception that sometimes stops people from creating a will is that they have to have all their documents with them. All attorney Margaret Karl needs are the addresses of the people involved, such as executors, or if there are special circumstances, like disability or Medicaid. The appointment takes about an hour. (Photography: Benjamin Margalit)

By Patricia Nugent

Attorney Margaret T. Karl is in the peace-of-mind business.

She’s spent the last 15-plus years building a legal career based on coming up with strategies to help people best protect their assets.

Concentrating in estate planning and elder law, Margie sits down with clients to go over their unique dynamics and puts together legal solutions tailored to their situation, and then drafts the appropriate documents specific to their needs.

Here are the four legal documents she recommends every adult should have in place:

  • Last Will and Testament: Details your final wishes about how to distribute your assets after death
  • Durable Financial Power of Attorney: Allows you to appoint a person to oversee your financial and personal affairs if you are unable to do so
  • Durable Health Care Power of Attorney: Allows you to appoint a health care proxy who is empowered to talk to your doctors, access your medical records and make medical decisions if you are unable to do so
  • Living Will or Advance Directive: Document that informs medical professionals of the treatments you want if you are dying, permanently unconscious or otherwise unable to make decisions about emergency medical care if you are unable to speak for yourself.

“In addition to not having the appropriate documents in place, a common problem I come across is when someone passes away, none of the family knows where their legal documents are located,” says Margie.

“When I work with clients, we start a binder to store legal documents and I tell them to let their family know where it is. I also stress the importance of updating your documentation, as so much can change, especially with family dynamics.”

Holiday Wakeup Call
“With the holidays around the corner, folks often come in from out of town,” says Margie. “They might notice mom or dad has slipped a bit, and now is a good time to have the talk about their final wishes. Do they have a will and living will in place? What about powers of attorney? Are their financial affairs in order?”

Margie says that in November and December, she gets a lot of calls from people wanting to come in at the last minute to get things settled while families are still in town, and she’s fine with that.

From senior events to roundtable discussions, attorney Margie Karl is a regularly featured expert speaker throughout Northeast Ohio.

While she says it can be tough to have an honest discussion about end-of-life issues, it will produce peace of mind for everyone in the family. Communication is invaluable, especially when dealing with older family members who might be more tight-lipped about their finances.

“After I meet with people and draft the necessary paperwork, they always comment on how easy the process went and that they wish they had done it sooner,” she says.

“A misconception that sometimes stops people from coming in is that they have to have all their documents with them. Not true. All I really need for a will is addresses of the people involved, such as executors, or if there are special circumstances, like disability or Medicaid. The appointment takes about an hour.”

Interested in finding out more? Margie offers free consultations and even makes house calls to homes or senior care facilities.

Margaret T. Karl, attorney at law, is located at 1100 West Bagley Road, Suite 210, in Berea. For more information, call 440-973-4145 or visit BereaOhioLaw.com.

Categories: Westside Professional Services