Estate Planning Information – Personal Stuff

Last Updated on Sunday, 27 August 2023 02:57 Written by Chris Griswold Wednesday, 23 June 2021 07:57

My clients do more than just buy, sell or lease (or do 1031’s) with real estate or own businesses; they do more than occasionally try to get a complicated controversy or quiet title matter resolved (which relates to a $10M piece of property they have under contract).  They’re real people, with questions about their own, personal estate planning concerns.  It’s the little details of life that are sometimes most important….  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).

Estate Planning Information – Personal Stuff

Without attempting to cover everything, I wanted to cover some of the more basic, “blocking and tackling” type of questions that relate to this area of law, because most people have questions on these below:

First, what are the strengths / weaknesses behind forming a Trust?  Trusts are more expensive than a Last Will & Testament, have more moving parts, but you get to avoid probate (a lengthy, sometimes risky, more expensive process).  With a Trust, no one (usually) can alter your wishes after death, like can happen with a Will, and the content of Trusts isn’t of public record.

Second, what are the strengths / weaknesses behind forming a Last Will & Testament?  Will’s are cheaper (to form, but not to probate), and easier to put together.  However, the contents of Wills are filed of public record, and a Will can always be contested, with that added legal expense of probate (which is more than a Trust usually costs).  One probate I’m aware of ran over 13 years, involved over 100 heirs, had a prior Personal Representative that went to prison for both murder and fraud after killing one of the beneficiaries under a large oil and gas portfolio held within the estate.  Wild but true.

Third, what is a medical power of atty vs. a “general” power of atty?  Medical “POA’s” give someone else the power to make your medical decisions.  A “general” POA gives someone else the power to make you non-medical decisions (like dealing with your home, taxes and your bank accounts).  Both become null and void upon the death of the person making it (the declarant).

Fourth, if the words “durable” precede a phrase, like “durable, medical power of atty,” what does that mean?  “Durable” means that the authority given to the person, on your behalf, in the medical POA, remains valid, even after you are no longer competent or able to make those decisions yourself.

Fifth, what’s the difference between living wills, advance directives to health care providers and “DNR’s”?  Usually, and very generally speaking, these are all synonyms.  They relate to situations when, unfortunately, death is eminent (as opposed to medical POA’s, which usually relate to non-eminent type of matters).  The answer issues like providing life support, donation of organs, etc….

What My Clients Are Saying

“Chris Griswold has been a tremendous asset in making my dream a reality! His legal advice, strong business acumen and initiative in helping me find the answers got me started on the right track. His honesty, common sense and strong interest in helping me succeed was a welcome addition in finding the right partner for legal advice and direction. I look forward to working with him again in the future.”
Margaret Holloway / Partner, Café 501 and Boulevard Steakhouse; President, Senior Care Network / Oklahoma City, Oklahoma

Personal Stuff

Last Updated on Sunday, 27 August 2023 02:57 Written by Chris Griswold Saturday, 17 August 2019 12:59

My clients do more than just buy, sell or lease (or do 1031’s) with real estate or own businesses; they do more than occasionally try to get a complicated controversy or quiet title matter resolved (which relates to a $10M piece of property they have under contract).  They’re real people, with questions about their own, personal estate planning concerns.  It’s the little details of life that are sometimes most important….  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).

Personal Stuff

Without attempting to cover everything, I wanted to cover some of the more basic, “blocking and tackling” type of questions that relate to this area of law, because most people have questions on these below:

First, what are the strengths / weaknesses behind forming a Trust?  Trusts are more expensive than a Last Will & Testament, have more moving parts, but you get to avoid probate (a lengthy, sometimes risky, more expensive process).  With a Trust, no one (usually) can alter your wishes after death, like can happen with a Will, and the content of Trusts isn’t of public record.

Second, what are the strengths / weaknesses behind forming a Last Will & Testament?  Will’s are cheaper (to form, but not to probate), and easier to put together.  However, the contents of Wills are filed of public record, and a Will can always be contested, with that added legal expense of probate (which is more than a Trust usually costs). 

Third,what is a medical power of atty vs. a “general” power of atty?  Medical “POA’s” give someone else the power to make your medical decisions.  A “general” POA gives someone else the power to make you non-medical decisions (like dealing with your home, taxes and your bank accounts).  Both become null and void upon the death of the person making it (the declarant).

Fourth, if the words “durable” precede a phrase, like “durable, medical power of atty,” what does that mean?  “Durable” means that the authority given to the person, on your behalf, in the medical POA, remains valid, even after you are no longer competent or able to make those decisions yourself.

Fifth, what’s the difference between living wills, advance directives to health care providers and “DNR’s”?  Usually, and very generally speaking, these are all synonyms.  They relate to situations when, unfortunately, death is eminent (as opposed to medical POA’s, which usually relate to non-eminent type of matters).  The answer issues like providing life support, donation of organs, etc….   

What My Clients Are Saying

“Chris Griswold has been a tremendous asset in making my dream a reality! His legal advice, strong business acumen and initiative in helping me find the answers got me started on the right track. His honesty, common sense and strong interest in helping me succeed was a welcome addition in finding the right partner for legal advice and direction. I look forward to working with him again in the future.”
Margaret Holloway / Partner, Café 501 and Boulevard Steakhouse; President, Senior Care Network / Oklahoma City, Oklahoma

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.

Protecting Your Young Adult

Last Updated on Sunday, 27 August 2023 02:57 Written by Chris Griswold Monday, 6 May 2019 06:58

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 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 Summer season and/or on their Summer vacation trips or trips returning home from school (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 Summer 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….  Get these done as soon as possible.

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