Wellsville-based lawyer talks estate planning, trusts, living wills
From Doris McFarquhar, Monday Club Publicist
Estate Planning, is a complex but necessary process for most people. The topic was discussed Monday by Nora Carnes, Esq., Attorney with Pekarek Law Group. Each member received a printed summary of main points She noted that everyone needs an estate plan, because if you don’t have one, someone else (government) will take charge, and decisions may not be to your liking.
Estate planning involves YOU deciding how everything you have will be distributed, to whom, and the best way to do that. Everyone’s ideas and circumstances vary, so your plan is your “road map” to make sure things are done your way.
An Estate Plan may include a Last Will and Testament, Durable General Power of Attorney (POA), Living Will and Health Care Directive, Trusts, Asset Retitling, and Beneficiary and Guardian Designations., all of which lead to “Peace of Mind”. The Will is among the most powerful of estate planning tools. One should be written early in life, and reviewed often. It details how all assets are passed along, not only tangible goods, but intangible as well.
The Power of Attorney appoints another person to act on your behalf in case you can’t, due to illness, injury, or later diminished capacity such as Alzheimer’s.
Living Wills and Health Care Directives detail what treatments you may want, or not want, in end-of-life situations. A health care agent may be designated for release of medical information.
Trusts are a planning tool to maintain privacy and avoid probate. One may provide asset management during life, as well as after death, even provide for charitable giving. There are “Living Trusts” and Irrevocable trusts.
All of the parts of your Estate Plan should be reviewed every five to ten years, or if there is a major change in assets, divorce or other family change, deaths or births. Ms. Carnes closed with a quotation from Benjamin Franklin: “By failing to plan, you are planning to fail.” She then spent time answering questions and discussing her presentation with members.
Next week, the Monday Club will enjoy their Spring Tea, and the following week will host Dr. Carlos Sollero, Neurologist with U/R Jones speaking on “Women and Neurology”.