Monthly Archives: November 2015

Who has your healthcare power of attorney?

A healthcare power of attorney is the document where you name the person who will make medical decisions on your behalf when you are unable to do so. Equally as important as having this document is telling your family who it is and why.

A legal battle started a short while ago disputing whether Sumner Redstone, the 92 year old titular leader of both CBS and Viacom (who earned a combined $24 million in compensation from the companies in fiscal 2014), still has the mental capacity to make informed decisions.

The suit was brought by Manuela Herzer, a former companion to Mr. Redstone. The two dated between 1999 and 2001 and, according to her, still maintain a close relationship. She was legally designated as the person to make Mr. Redstone’s medical decisions. However, in October, new documents were executed that stripped her of this power and named, instead, Phillippe Dauman, Redstone’s longtime lawyer and CEO of Viacom. In court filings, Ms. Herzer claims that Mr. Redstone does not have adequate mental capacity to replace her and has asked the court to make him undergo a medical evaluation to prove her point.

Most of us don’t earn $24 million dollars in one year and don’t have the kind of net worth of Sumner Redstone. However, the point is still as valid for you and me as it is for him. If you make changes in your healthcare power of attorney or other legal documents that relate to who can make decisions on your behalf, it’s a good idea to tell those involved so they will be aware of what you’ve done and why.

For more information about a healthcare power of attorney and other estate planning documents, go to www.diesmart.com.

Robert Holmes a Court’s big mistake

His mistake is one people continue to make throughout the world. They don’t make a will and die intestate. About 50% of people say that they don’t have the time, don’t think they need one, don’t know how to get started, it’s too gruesome a topic to think about, they’re not going to die yet….or offer up many other excuses.

Robert Holmes a Court, who had built a $2 billion empire in Australia in the 1980’s, died suddenly at age 53 without a will. Legend has it that he carried a will around in his briefcase for years…unsigned. Regardless of whether this is true or not, what is a fact is that, because he did not have a valid will, the legal wrangling to settle his estate took almost 20 years to resolve, seriously straining family relations in the process.

Two other blogs we found also discuss some of the problems that can occur if you don’t take the time to make a will.

http://www.trishparr.com/are-you-a-modern-day-scrooge/

http://www.lancasterlawblog.com/2015/10/articles/estate-planning/second-marriage-and-intestacy-dying-without-a-will/

There are two facts you can’t change:

1) You ARE going to die.

2) If you don’t have a will, the government will decide what happens to your estate.

If you have a $2 billion empire like Robert Holmes a Court, it may take you awhile to draft a will and the other documents you will need to protect your assets and ensure that they will be distributed the way you want them to be. If you have an estate that is a little smaller, a simple will can be drawn up and executed very quickly.

Don’t let the government make important decisions about your estate for you. Make the time and get your will prepared now.

For more information about dying intestate and will preparation, go to DieSmart.com.

Common mistakes when writing a will

Everyone is going to die; that’s a fact. And everyone should have a will. That’s another fact. If you die without a will, the probate court will decide what happens to your assets; you won’t.

My father died about 15 years ago. He left a will he had prepared himself, typed on his old electric typewriter and had a few friends sign as witnesses. I don’t know how he decided what to put in the will and the wording to use. All I know is that after he died, when I tried to probate the will, there were some problems with it and it took a while to get them resolved.

If you don’t want to go to an attorney to have a will prepared that you know will be written properly, you should at least be aware of some common mistakes that you should avoid.

I recently came across a blog on findlaw.com that clearly describes 10 of the most common mistakes. You should definitely read it so you don’t make the same mistakes my dad did.

For further information about wills, trusts, probate and end of life planning go to www.diesmart.com.

Can Lucky inherit $100 million?

Lucky is a Siamese cat and, yes, the cat can inherit!

Lucille Benton, 70, has decided that she will leave her children their family heirloom and photographs but Lucky will get all of her money. Lucille says that her kids “never visit and rarely call. They have good paying jobs. They can take care of themselves. There is nobody to care for my Lucky.”

Her kids have tried to have her declared insane and committed to an institution; however, she’s had three independent psychiatric evaluations which have concluded that she is sane. She says her attorneys have assured her that her Will will hold up in probate court if her kids try to challenge it once she’s gone.

Meanwhile, Lucky will continue to live in Lucille’s home with a staff of 40, a limo and chauffeur and a private aviary so Lucky can have fun catching and eating birds!

This may sound ridiculous but it does point out the importance of figuring out what you want to have happen to your assets when you’re gone, and documenting those wishes so that they will be carried out…even if they are unusual.

To find out more about wills and planning for the end of your life, go to www.diesmart.com.

Who makes decisions if your divorce is not finalized?

I came across a blog the other day that made a very important point. If you are in the process of divorcing and have a medical emergency, who will make decisions on your behalf?

When Lamar Odom was recently found unconscious in a Nevada brothel and was rushed to the hospital, who did the officials call? They called Khloe Kardashian. Although they are in the process of finalizing their divorce, in the eyes of the law, they are still married and unless an advance directive for healthcare states otherwise, is the person who can make medical decisions on his behalf.

Unless you just don’t care, when you are getting a divorce, it’s critical that you update your advance directive to name someone other than your soon to be spouse to decide what the doctors should and shouldn’t do if you have an accident or a sudden health emergency.

To find out more about advance care directives and planning for the end of your life, go to www.diesmart.com.