Sorting Out a Guardian: Happy Birthday Harry Potter!

Sorting Out a Guardian: Happy Birthday Harry Potter!

July 29, 2023

By Melinda Gustafson Gervasi

 Image by M. Gustafson Gervasi, 2023

The weekend is nearly here.  For my home it is not just any old summer weekend, it is a threshold weekend.  My youngest child will turn 13, marking a time when we leave behind the little kid and tween years.  Tucked away on the shelves in our basement are Spot It game cards, stuffies adopted on our travels, and her Harry Potter books.  Potterheads (the term for diehard fans of Harry Potter) will be quick to tell you that Harry celebrates his birthday this time of year, specificially July 31st.   The boy wizzard at the center of the seven book series (and movies) is an orphan; just about every protagonist is an orphan in children's literature.

An estimated 153 million children in the world are orphans, according to SOS Children's Villages.  A will is the one legal way a parent can nominate another person to become the guardian of a child if the child were orphaned. As a parent I know no parent wants to linger on this potential scenario, yet it can and does happen.  With a will the parent can control who the court will consider as a guardian.  No one person will be perfect, but from my 18 years of practicing law and nearly as many parenting, here are a few points to consider when sorting out the right person(s) to name:

1. Religion -- who in your life shares your views on religion?
2. Education - who in your life approaches education in a similar manner?
3. Finances - who in your life spends (or saves) money in a manner close to yours?
4. Travel - who in your life travels as you do?
5. Capacity -- who in your life has the capacity to home their home and heart to a child who has sufferred the terrible loss of a parent(s)?

A blog is meant to spark thought and reflection; it is not legal advice.  Please consult an attorney licensed in your state of residence for advice specific to your situation.  Thank you for reading.  Please share a link to this post for anyone you think might benefit.  Be well!

Aretha Frankin & Estate Planning: Think

Aretha Franklin & Estate Planning: Think

By Melinda Gustafson Gervasi

July 21, 2023

At some point in 2014 American Singer-Songwriter and Queen of Soul, Aretha Franklin, tucked a notebook with a handwritten document titled "my will" into the cushions of her sofa.  It went unnoticed after her death for sometime and was only found by chance when relatives started searching through her home after her death.  Now, in July of 2023, a Michigan jury has found the document to be a valid will, undoing prior documents created by the American icon. 

We can only speculate as to why Aretha Franklin stored such an important document in the seats of her sofa -- perhaps illness prevented her from physically leaving her home and putting the document in a more secure location.  Nevertheless, the last thing any family needs when grieving is a scavenger hunt for the will.  Here are three options to THINK about if your only option is keeping a will at home:

1. Order a fireproof and water-tight safe online to be delivered to your home.  Keep this in spot that is out of the way but not so hidden it will not be noticed;
2. Place your documents in a plastic freezer bag and put them in the freezer -- but not hidden so well they will go unnoticed; and
3. Write information about where the will is located on a post it or notecard and leave it taped to your bathroom mirror. 

Have a great idea on safe-keeping of a will at home?  Leave a comment!  Remember, a blog is not legal advice, but rather a platform to generate thought and discussion.  Please consult with an attorney licensed in your home state for advice specific to your situation.  Thank you for reading, and be well. 

Estate Planning Wisdom From Frank Sinatra

Estate Planning Wisdom From Frank Sinatra

By Melinda Gustafson Gervasi

July 14, 2023

Image by M. Gustafson Gervasi, 2023

On a recent vacation to New York City my family found itself on the banks of the Hudson River in Hoboken, New Jersey.  We had an amazing lunch at the Blue Eyes restaurant, snapped a few selfies with the Frank Sinatra statue (pictured above), and then headed into Manhattan for a week of exploring the city.  During our road trip east we listened to Sinatra's greatest hits, and a few lines from My Way hung in my mind.  My thoughts twisted and turned as I made the transition from "work mode" to "vacation mode", 

"I faced it all and I stood tall and I did it my way."

 Hitting the ear of an estate planning and probate attorney, I heard:

1. Face the facts of your life situation;
2. Be confident in what you think is best; and
3. Express what you want to happen.

Much has been written about why people do not set up a will; oftentimes, when asked why they do not have a will, people cite an aversion to thinking about death or claim they do not have the time or money to go through the process.  After nearly 20 years of counseling clients, I suspect another reason for the aversion is avoiding the reality of your life situation.  Writing a will makes people confront family estrangements, lower net worth than expected, or the reality of a terminal illness.  

Standing tall is to be confident.  The process of creating a will is formal and official, putting your thoughts and wishes into a legally binding document that is properly witnessed makes it certain about what you desire.

During my nearly two decades of working with clients to create wills I know that all too often other people will try and influence where the money goes.   It is crucial to make the decision yourself. These are your final wishes.

I'll close with the reminder that a blog is not a lawyer, but a piece meant to spark thought and reflection.  Please consult with a lawyer licensed in your state of residence for advice specific to your situation.  Best wishes, and thank you for reading. 

 

 

7 Steps to Ease the Probate Process

7 Steps to Ease the Probate Process

By Melinda Gustafson Gervasi

July 7, 2023

Image by M. Gustafson Gervasi, 2023

Probate is a court process to handle a person's financial affairs at death.  In a nutshell, assets (those without beneficiaries) are gathered, final bills of the deceased are paid, and the remainder is distributed according to the will, or if no will, by state statute.  The following are 7 steps you can take to make this process as easy as possible on your loved ones:

1. Write a Will:  a will is a legal document that says who is in charge of handling your final affairs and distributing the assets you have at death.  If you have not written a will, your State Legislature has one for you in the statutes -- most likely giving assets to your relatives.
2. Gather titles and deeds to your property: easy access to the deed or title to your assets (home, car, boats, cabin, etc) allows the person in charge to quickly understand what assets are in your estate, and will facilitate the sale or transfer of those assets as the probate continues.
3. Nominate a Well-Suited Personal Representative (also called an Executor in other states): not everyone has the skill set needed to handle a probate. I say "aim for Switzerland"; who is neutral, precise and efficient. 
4. Purge clutter: Embrace the Swedish Death Cleaning movement and purge the clutter, both digital and tangible, from your life.  If you don't, someone else will be saddled with the chore.
5. Consolidate financial assets: have all of your retirement, investments, checking, savings, etc. under management of one or two providers.  While it may be tempting to have 12 different CDs at 12 different banks, the legwork to close all of those out at death often outweighs the interest paid.
6. Keep a list of creditors: who do you pay on a monthly, quarterly, or annual basis?  The probate process requires all of these entities to receive notice of your death.  Make it easy by keeping a list with contact information.
7. Compile a list of your professionals -- CPA, financial planner, attorney, pet sitter, lawn service.  Helping your Personal Representative reach out to your support network is key in the probate process.  Do not have them hunting around your desk or your phone looking for the name of your accountant.  Keep a list, make it simple.

A blog is not legal advice; it is meant to spark thought and reflection.  Please consult an attorney licensed in your state of residence for legal advice specific to your unique situation.  Thank you for reading, be well.