Do you know how your assets would be managed or distributed if you became incapacitated? If your health was unexpectedly compromised, who would take care of your affairs while you were recovering? We frequently meet with clients in this exact situation.
I have a friend, Jim, who is very physically fit, a picture of perfect health, and who recently collapsed at work. CPR by his colleagues kept him alive. HOWEVER, HE HAD NO LEGAL DOCUMENTS! Fortunately, he was conscious enough to be able to complete his health care consents, and his family and friends were able to take care of his personal business while he made it through a successful quadruple bypass.
While Jim’s situation had a happy ending, many families aren’t as fortunate. In the case that he was unconscious and unable to make his own decisions, who would have made them for him? Without Jim having a Health Care Directive document naming who he wanted in charge, someone would have needed to go to the Court for guardianship; a heart-rending, time-consuming, court procedure. The guardian the Court named, likely would not have been who Jim would have chosen.
What if he hadn’t been resuscitated? Jim never had children of his own, but he proudly raised two sets of stepchildren from two prior relationships, one set who no longer speaks to him. Under Kentucky’s current Probate law, his estate would be left to his stepchildren from all prior marriages. What if he were married, thinking everything would go to his beloved wife? Would he be satisfied that the stepchildren who quit speaking to him may now have a right to his portion of the house and to anything else that he did not have a beneficiary named?
Jim’s recovery looks very promising now. He is planning to propose to the love of his life and help raise another stepchild whom he adores. His parents are still thriving in their late 80s, and he wants to establish a safe future for them without getting caught in the “sandwich generation” of supporting his children while caring for aging parents.
I was so glad when Jim called to discuss his plans. Estate planning can be complex, and there are often risks and opportunities that aren’t obvious until someone experienced takes a closer look. Working with an attorney gave Jim a clear path forward and the peace of mind that comes with knowing his family is protected. Because as we say at the firm, when it comes to protecting the people you love, you don’t know what you don’t know.
This is why having a plan is so important. Waiting until it’s too late can cause unwanted consequences. Planning with experienced, trustworthy attorneys helps avoid those situations. Call Timmel Richards Stengel Law, your team for estate planning and elder law, today at (812) 590-2771 for your consultation.
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