Protecting Your Young Adult

Last Updated on Tuesday, 10 November 2015 03:16 Written by Chris Griswold Tuesday, 10 November 2015 03:16

For those of you with children that are (or will be) 18 years of age or older and unmarried, this one is for you.  Parenthood, like the joy of putting up Christmas lights, is laced with love, joy and fear (just like the scene of “Clark W.” putting up lights on his roof in the movie Christmas Vacation).  Regrettably, we all hear about young adults (who are really just kids) that have unexpected, near-death accidents.  These accidents seem, for whatever reason, to happen most often during the holiday season and/or on Spring Breaks (which is just around the corner).  Afterwards, these “children” are admitted to hospitals for care and that’s where the relevance of this topic comes into play.  Accordingly, if you have (or will have) children which potentially fit into this 18+ category, read more below (and don’t forget to click on my Facebook or YouTube links below to also see my short video on this material).

Protecting Your Young Adult

Fact Pattern:  Your 19 year old daughter is hit by a drunk driver while driving home from college for the holidays and is admitted to a nearby hospital (we all know how horribly often this type of scenario happens).  Luckily, the hospital’s administration found enough good identification on your daughter to enable them to quickly contact you.  You rush off to the hospital to comfort your daughter.  After speaking to doctors and nurses, you understand the prognosis.  You tell the doctor what you want to do, what care you want your daughter to receive going forward and what decisions you’ve made concerning your daughter’s medical care.  When you’ve finished speaking, the doctor gives you a funny look….

Issue:  The doctor tells you that, since your daughter is over 18 and unmarried, she is legally an adult and the hospital will have to make all of these decisions for your daughter – unless you have a medical, durable power of attorney which your daughter has previously signed appointing you (or somebody else she trusts) with such power of attorney over her.

You can’t believe what you’re hearing.  In your mind (and in reality) your daughter is just a baby and, except during the school months of the year, still a member of your household.  You should be the one making decisions, not the hospital.  However, your daughter is 18+ so she’s legally an adult.  The upshot is you should have, at some point after she turned 18, had her sign one of these.  Folks, this stuff happens every day.  Don’t let it happen to you….

If you need one of these medical, durable (means it stays in effect whether or not your child is still competent or capable of making decisions for themselves) powers of attorney for your child, let me know.  I’ll be glad to send you the form for free….

The information presented within this article is of a general nature and is not intended to be relied upon as legal advice in any particular matter without first consulting qualified counsel.

What My Clients Are Saying

“I have been extremely pleased with the legal services provided by Chris.  He is an expert on real estate issues; devotes immediate attention to our needs and follows through with all required action.  I look forward to a continuing relationship with Chris.”
Harrison Levy / Chairman / Newmark, Grubb, Levy, Strange, Beffort / Oklahoma City, Oklahoma

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Necessary Insurance Changes

Last Updated on Sunday, 9 August 2015 12:51 Written by Chris Griswold Sunday, 9 August 2015 12:51

When you form your trust and deed real and personal property into such trust, you need to think about making changes to your insurance policy(ies) so that the insurance proceeds will be paid (or timely paid) in the event of a claim.  See below (and don’t forget to click on my Facebook or YouTube links below to also see my short video on this material).

Necessary Insurance Changes

When people form their trusts, they usually deed/re-title their real and personal property into their trust (or put the ownership/title of such real and personal property into an LLC and then transfer their membership unit interests in such LLC into their newly formed trust – thereby making the trust the sole member/manager of such LLC), but they forget to think about making changes to their insurance  policy(ies) which pertain to such real and personal property which have recently been deeded/re-titled into the name of their trust.

What should you do?  The prevailing methodology to be employed in most cases is that you should instruct your insurance agent to add the name of your trust as an “additional insured to any and all policy(ies) of property casualty/general liability/homeowner’s insurance you currently have (or will have) in place and leave you personally as the “named insured” on such policy(ies).  However, if you’ve also put properties into your trust (or into LLC’s whose unit membership interests are to be assigned over to the trust) which are not your primary residence (e.g., vacant land or income producing/rental properties), the foregoing will not apply and you’ll want to talk further with your insurance agent about obtaining separate insurance policies for these additional properties.

The information presented within this article is of a general nature and is not intended to be relied upon as legal advice in any particular matter without first consulting qualified counsel.

What My Clients Are Saying

“I take special care when selecting business partners to represent my company and look for those who exhibit the same levels of professionalism and integrity that I try to achieve.  Chris Griswold definitely meets these requirements and is considered a very valuable member of the JOBO Properties team.  I have no hesitation in recommending Mr. Griswold to handle your business and commercial real estate transactions.” Darren Ford / Owner & Developer of JOBO Properties, L.L.C. / Oklahoma City, Oklahoma

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Things Which Don’t Require Probate

Last Updated on Monday, 10 September 2012 10:18 Written by Chris Griswold Monday, 10 September 2012 10:18

At some point in everyone’s life, it will happen.  A loved one will pass away and you’ll be involved with the probate (or some other administration) of that person’s estate.  You’ll immediately feel overwhelmed (as most of my probate clients do).  Depending upon the facts and circumstances, you can’t always get around probate.  However, the good news is that not everything has to be probated.  Some things you can handle yourself, without the help of an attorney.  See more below (and don’t forget to click on my Facebook or YouTube links below to also see my short video on this material).

Things Which Don’t Require Probate

I get lots of phone calls from people who just lost a loved one.  They’re upset, grieving and not sure about probate, how it works, what they can do to make things easier and the like.  You may have been there yourself.  This month I want to spread the good news about things which don’t have to be probated….

They include:

a) The payment of proceeds from life insurance policies (and any other policies of insurance) whereby the insurance company, upon the death of such loved one, pays the proceeds directly to such named beneficiary(ies),

b) Real property held by two people as joint tenants “with right of survivorship.”   This avoids the probate of such real property as, by operation of law, the property vests fully in the survivor of such two persons (even though afterwards you’ll still need to do an “affidavit of joint tenancy” with the title insurance company when obtaining title insurance solely in your own name or when selling the property to a subsequent purchaser),

c) Funds sitting in bank accounts which have a “payable on death” designation on file (this prevents people from having to probate the bank accounts in order to obtain the funds),

d) Assets deposited into trusts (avoiding probate, among other things, is why so many people use trusts).  Trusts themselves have to be “administered” after the death of such person, however, such administration is often a much lesser ordeal than probate (although not always),

e) IRA’s, pension plans, employee benefit and profit sharing plans, annuities, etc… which have designated beneficiaries listed on such accounts, and

f) Stocks, bonds and mutual funds which are held jointly between two (2) persons or which are held within a trust.

What My Clients Are Saying

“Chris has worked on several projects for both me and my clients over the last several years including building acquisitions, preparation of new business documents and lease transactions.  I have found that he is very dependable on the turnaround of document preparation and the pricing he has given me is more than fair for the excellent work he performs.  Chris’ extensive knowledge in real estate and business transactions has been a valuable asset to me as a small business owner.”
Renee Reneau / Owner / Reneau Properties, LLC / Edmond, Oklahoma

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Oklahoma City, OK 73116
405.229.7595 (cell)
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chris@chrisgriswoldpc.com

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