Your 2020 state of affairs
By Beth Newcomb
The importance of keeping your estate documents up to date cannot be stressed enough, says Jay Nabors, a Cleveland-based attorney who focuses on estate planning.
“This is the perfect time of year to review your will, durable power of attorney, healthcare power of attorney and living will,” he says. “Are the people you’ve named as beneficiaries still alive? Are they still in your life? Are there new people, such as children or grandchildren you need to provide for? Do you have all four documents in place?”
These important questions and more are asked during your review time with Jay. If you’ve never done estate planning before, Jay can give you his opinion on how to best plan as it relates to your unique situation. Once he has your documents ready, all you need to do is to go in and sign them.
And here’s a good reason why now is the right time to review.
“I had a client who’d had a falling out with his back-up estate executor,” Jay says. “The client passed, his executor was already deceased, so the back-up executor, who was not named in the will and no longer a friend, was able to collect the executor fee ahead of any payments to beneficiaries. Not only was that person on the outs with the deceased, she was able to benefit from his estate.”
Another common area of change to consider is guardianship, he notes. “Take a look at who you’ve appointed to care for your minor children should you pass, and make sure that person is still involved in your life,” he stresses. “Every five years is the right amount of time to review.”
Jay is a partner with Weston Hurd LLP. He sees clients at the firm’s office in downtown Cleveland, in addition to meeting with clients in Strongsville upon request. Mention this story when you schedule an appointment for a Mimi reader exclusive. House calls and select evening appointments are available.
To reach Jay Nabors of Weston Hurd LLP, call him directly at 216-687-3205. His office is located at 1301 E. 9th Street, Suite 1900 in downtown Cleveland. Jay can also meet clients at 11221 Pearl Road in Strongsville.