The holidays are a perfect time to put your final wishes on paper, and attorney Margaret Karl explains why
By Patricia Nugent
The season of New Year’s Resolutions is nearly here. But before you start planning on undertaking weight loss or exercise programs for that annual effort, here’s one idea that’s easy to achieve and guaranteed to lend lasting peace of mind. Put your final wishes in order, either by drafting a last will and testament or updating an existing one.
“I understand that thinking about your last wishes can be stressful, which is why people tend to put it off,” says local attorney Margaret T. Karl, whose practice covers estate planning and elder law, wills, trusts and powers of attorney.
Oftentimes clients get a will when they have children for guardianship reasons, so they know their children would go to a specific family member in the event of their passing. But then they lock the will away for 20 or 30 years and don’t think about it again.
“I recommend updating your will every five years or so,” says Margie. “Family circumstances change and so does your financial situation. The will is a binding legal document, so you should keep it as current as possible.”
The good news is that after clients draft their will with Margie, they often tell her it was much easier and more affordable than they thought it would be and wonder why they waited so long.
“I think people feel they have to have all sorts of documentation ready before doing it, but really all I need is an idea of your assets, and the names and addresses of people you are choosing as beneficiaries,” she says. “That’s it. We can usually knock the planning out in two half hour visits.”
Why a Will is So Important
“Unfortunately, I routinely have people call me too late, when a loved one is very near death and unable to sign anything” says Margie. “They want me to do a will or get them power of attorney, but at that point it’s too late. My hands are tied and there’s no way around it.”
She says that many of her clients come to her and mention a trigger that made them come, maybe they knew a friend who passed away suddenly without a will and their family is dealing with those consequences.
“This is definitely one of those situations in life where a little foresight and preventive action can save you hassle and heartbreak,” she adds. “In the state of Ohio, with or without a will, assets may go through probate, depending on how things are titled and structured. Having a will makes it easier to deal with this. Reviewing your estate plan makes the whole process easier and less expensive in the end.”
Her Busiest Time of the Year
With folks off work and staying home for the holidays, now is the perfect time to see Margie. She says this time of year is actually her busiest.
“Another reason the holidays are bustling for me is that parents like their children to help and be part of the process, and the older children are more likely to be home for the holidays,” she says. “Seniors feel more comfortable with their children helping when it comes to financial and emotional decisions.”
As a full-service legal representative, Margie says she also works with people’s CPAs and financial advisors to get the clearest picture of their estate and provide counsel.
Throughout the process, she has earned a reputation for professionalism and compassion.
“I see every client’s situation as unique and won’t recommend any document or strategy that doesn’t fit their needs and personal goals,” says Margie. “I take the time to make sure my clients understand all legal documents and fully explain the wording.”
Margaret T. Karl, attorney at law, has an office at 25800 North Depot Street, Suite 102, in Olmsted Falls. Hours are Monday-Friday, 9 a.m.-5 p.m. For more information, call 440-782-5051 or visit OlmstedOhioLaw.com.