Estate planning attorneys have all had the experience of talking with heirs after they learn the online will their elderly parent created isn’t valid. The court will need to be involved, the laws of intestacy are invoked, and their beloved parent has created a quagmire. A recent article from MarketWatch, “I’m 84 with two children. My wife passed away and now I want to do estate planning. Can I just go online?” sets the stage for a discussion about the limits of online estate plans.
An elderly widower needs more than a will, and a will created online with no guidance is a recipe for disaster. A Power of Attorney is needed, and an agent must be appointed to step in and take charge of finances if he becomes sick or injured and can’t pay bills or manage investments.
He also needs a Healthcare Power of Attorney, sometimes referred to as a Healthcare Proxy, which can make decisions and be involved with healthcare providers if he becomes incapacitated.
Someone who is 84 years old may not feel they’ll need these documents yet, but they are necessary. Otherwise, his two children will need to go to court to obtain legal authority to be involved in his care and manage his finances. These forms are state-specific, and his situation may require them to be tailored accordingly.
People who think the law is straightforward and that they can handle estate planning without the help of an experienced attorney are surprised to learn how complicated these issues can be. What if one of the adult children dies before the 84-year-old father? Who will receive his share of assets? These gaps in planning create stress and delay for families, exactly when they are most vulnerable.
The man can start by making an appointment with an experienced estate planning attorney in his community. Next, he should check beneficiary designations for bank accounts, life insurance, and any other assets that allow beneficiary designations. How are his assets owned? If they are joint accounts with his deceased wife, how will they pass when he dies?
An experienced estate planning attorney can avoid pitfalls, provide peace of mind, and make things easier for children. Doing this right the first time prevents enormous headaches and costs in the long run.
An estate planning attorney will also ensure the estate is accounted for and properly coordinated while keeping an eye on minimizing taxes and protecting assets. The attorney will be better positioned to help when the estate is executed, which no online tool can do.
Understanding an individual’s life, creating an estate plan that reflects their wishes, and seeing the big picture—this is something only a person can do.
Legacy One Law Firm, APLC is an estate planning and probate administration law firm in Los Angeles, California, serving families throughout the State. We help individuals and families establish living trusts, wills, powers of attorney, advance healthcare directives, and other essential estate planning documents designed to protect their loved ones and preserve their legacy. Schedule a quick and easy consultation with estate planning attorney Sedric E. Collins, Esq., or call 323-900-5450.
