Make important decisions now about your health, finances and assets or the courts will make them for you after you die – and you might not like what they decide.
That’s the practical and crucial “Fix Your Thoughts on This” insight from today’s Mid-Morning with Elder Law attorney Stephen Adair.
Do you think if you’re married and die without a will that all of your assets automatically go to your husband? Not so. In Indiana the courts will divvy your assets between your husband and children…and the laws vary from state to state. Do you know what the law is in your state?
Do you think it’s a good idea to have your adult son or daughter’s name on your checking or savings account or on the deed to your home? It’s questionable, at best. In essence you’ve made them a co-partner, giving them legal access to your money and equal partnership in your home. A power of attorney can serve your need for someone to make emergency decisions while protecting you.
What about you? Do you have a will? A living will? A power of attorney for your finances and health needs?
This kind of planning for the future is one of the greatest gifts of love you can give to your family.
That reminds me; Doug and I need to update our will since it names one of my sister's as our son's legal guardian (should we die at the same time) -- and he's now 31.
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