When is the right time to get your personal affairs in order?

By Patricia Nugent

With estate planning, like most things in life, timing is everything.

Although people might want to avoid putting their affairs in order, by the time it’s too late, it’s literally too late. If you pass away without a will or trust in place, your loved ones will never know how you wanted your assets distributed, who you wanted to be guardians of your children, or what your last wishes were.

Local attorney Margaret T. Karl, whose practice covers estate planning and elder law, wills, trusts and powers of attorney, has a unique background that makes her especially compassionate.

“My dad was 24 years older than my mother,” she says. “At a young age, in my 20s, I had to deal with finding him a dementia care facility and then manage his final affairs. He got to see me pass the bar in 2003, then passed away not too long afterward.”

The Plusses of Going Solo
Out of law school, Margie worked for a bigger law firm, then decided to hang out her solo shingle.

“There are advantages to being a solo practitioner for my clients,” she says. “Over the years we really form a connection. In firms with lots of lawyers, you never know when you’re going to get passed to someone else.”

Sometimes people tell her they were worried to deal with a lawyer, afraid of having to comprehend a lot of legal jargon and documentation. And that’s where Margie shines.

“It’s always been my policy to explain everything to my clients in terms they can easily understand,” she says. “I’m also transparent with everything I do. I won’t recommend any document or strategy that doesn’t fit their needs and personal goals.”

She says people are often surprised by how simple and hassle-free estate planning ends up being. When all is said and done, they wonder why they waited so long.

“I think people often feel they will have to work to put together all sorts of documentation on their end to be ready for estate planning. All I really need is an idea of your assets, and the names and addresses of people you are choosing as beneficiaries,” she says. “The process customarily takes two half-hour visits. I send an email with a rundown of what information clients should bring.”

The Four Documents Everyone Should Have
Although every client is different, Margie recommends every adult have these four basic documents in place:

• Last will and testament or trust – documents that detail your final wishes about how to distribute your assets after death and appoint guardians for your children if they are minors.
• Financial power of attorney – allows you to appoint a person to govern your financial and personal affairs if you are unable to do so.
• Healthcare power of attorney – lets you appoint a healthcare proxy who is empowered to speak with your doctors, access your healthcare information and make medical decisions about your care if you’re unable to do so.
• Living will - tells doctors, medical professionals and your family the medical care you want when you’re dying, permanently unconscious or unable to make decisions about emergency care. It only goes into effect if you are unable to speak for yourself.

Once you have an estate plan in place, Margie recommends people review their documentation every five years or so, as family and financial circumstances can change.

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.