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CNBC article on important legal and financial documents for families in case of unforeseen death of loved one
How to disaster-proof your personal finances
Posted from cnbc.com
Personal Finance
Legal Services
Death
Family
Posted 3 y ago
Responses: 2
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My wife is an estate planning attorney in Ohio. These documents are critical and powerful. Whomever you choose to put in these positions have the power of life and death and all your financial matters. Some people who have saved all their lives may need a trust document as well.
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LTC Eugene Chu
I appreciate the comment. In your opinion, how does do-it-yourself from books / online compare to hiring an actual attorney for end-of-life documents?
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LTC John Shaw
LTC Eugene Chu -
It depends on the person or couple, how much you own, owe or have saved. Are there children involved? Step kids or parents? If you have a 'step' in any of these situations, and real property in different states, you probably will need an attorney involved.
Military families can be really tricky, as we move states and many of the estate planning documents have language in them that may take advantage of the state based laws that may save your family money and time spent in probate court.
If you are single or a couple without kids, the forms are simple enough and the military provided will, durable POA and Health Care directive or POA may be enough.
You will need to look at your banking accounts and make sure they are joint w/ survivorship so they don't get locked up when one or the other spouse dies.
It is OK to ask the local military JAG about your situation and they typically handle simple wills. If you start asking about specific assets, like real estate, they will refer to an outside attorney, but you will have to pay them for it.
When you go outside counsel you want someone who is an expert in the state that is your residence or where you currently reside, if you haven't claimed a specific residency.
It depends on the person or couple, how much you own, owe or have saved. Are there children involved? Step kids or parents? If you have a 'step' in any of these situations, and real property in different states, you probably will need an attorney involved.
Military families can be really tricky, as we move states and many of the estate planning documents have language in them that may take advantage of the state based laws that may save your family money and time spent in probate court.
If you are single or a couple without kids, the forms are simple enough and the military provided will, durable POA and Health Care directive or POA may be enough.
You will need to look at your banking accounts and make sure they are joint w/ survivorship so they don't get locked up when one or the other spouse dies.
It is OK to ask the local military JAG about your situation and they typically handle simple wills. If you start asking about specific assets, like real estate, they will refer to an outside attorney, but you will have to pay them for it.
When you go outside counsel you want someone who is an expert in the state that is your residence or where you currently reside, if you haven't claimed a specific residency.
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