I Don’t Need to Plan

In the last several months, I have received calls about individuals with an illness or who have died suddenly. Many of them had no planning and no documents.  I know I keep repeating this subject but it is sad to have to go through a long complicated legal process because nothing was done while the individual was healthy.

UNSTATED REASONS WHY I DO NOT HAVE A PLAN.

1. I am in great health and plan to be here many years.
2. I heard that if I do not do anything, the government would provide for me.
3. I know that my children will be there and take care of me.
4. I really do not have much, so it really will not matter when I die.
5. I WILL DO IT NEXT YEAR WHEN I HAVE MORE TIME.

People think you have to be in your eighties to worry about this subject. Here are various types of individuals who have become ill or passed away without any preparation:

1. YOUNG adults eighteen and above. They have very few assets but the transfer of the car or the one bank account upon unexpected death is just as time consuming and expensive. A simple joint account could have saved this expense.
2. A SINGLE individual of any age. No transfer of assets will be automatic. Again, the adding of a name on the account or at least a transfer on death designation will prevent extensive probate administration.
3. A SECOND marriage or not revisiting your documents after a DIVORCE. Horrendous events occur and transfers to those who you would not want are the result.
4. Preparing a plan and then NOT UPDATING after many years. The objects of your bounty may be different today than they were twenty years ago.
5. Having a plan for your CHILDREN only to find out they are going bankrupt or getting a divorce.
6. Your plan after your SPOUSE DIES. Many times, circumstances change and the plan created by the two of you is vastly different after one is gone.

Even if you have your accounts and the vehicle titles correctly passing at death, do you have documents to provide for health care decisions while you are sick or a business power of attorney if you are unable to take care of your day-to-day business? I know that this is repetitious, but the only ones who will gain from your inaction are the attorney and the probate court.  As Larry the cable guy would say, “Getter Done.”

Jeff Roth is a partner with David Bacon and associate Jessica Moon of the firm ROTH and BACON with offices in Port Clinton, Upper Sandusky, Marion, Ohio and Fort Myers, Florida.  All members of the firm are licensed in Ohio and Florida.  Mr. Roth’s practice is limited to wealth strategy planning and elder law in both states.  Nothing in this article is intended for, nor should be relied upon as individual legal advice. The purpose of this article is to provide information to the public on concepts of law as they pertain to estate and business planning. Jeff Roth can be reached at [email protected] (telephone: 419-732-9994) copyright Jeffrey P. Roth 2012.