Do you have the “big four?"

By Patricia Nugent

Since we’ve just crept into the fourth quarter, now is a good time to re-evaluate personal initiatives you may have had as intentions at the start of the year.

If getting your legal affairs in order was one of them, here’s a rundown of the necessary legal documents everyone should have, from local Attorney Margaret T. Karl. As an elder law practitioner, she helps people with estate planning and the best strategies for protecting their assets.

“I think of them as the big four,” she says. “Adults should have a will or trust, financial power of attorney, healthcare power of attorney and living will in place.”

Here’s what they are and why you need them:

1. Will or Trust: A will, or last will and testament, states your wishes for how to distribute your property and assets, as well as appoints guardians for minor children. With a trust, a person gives another party, known as the trustee, the right to hold title to or manage property or assets for the benefit of a third party, the beneficiary. Both go into effect only after a person passes away.
2. Health Care Power of Attorney: This document states a person’s wishes in terms of health care decisions to be made on your behalf by a designated person if you become incapacitated.
3. Financial Power of Attorney: This document authorizes a person to make financial decisions for you if you become incapacitated.
4. Living Will: A written statement listing the medical treatments you would or would not want to keep you alive in the event you are not able to give informed consent.

“Since people already know when they will be off work over the holidays, it makes sense to make an appointment with me now before the schedule gets booked up,” says Margie.

Margaret T. Karl, attorney at law, is located at 25800 North Depot Street, Suite 102, in Olmsted Falls. Call 440-782-5051 or visit OlmstedOhioLaw.com.