Do you need a will?
The caller has made all of her accounts POD, TOD or ITF. All of her accounts have beneficiaries. However, she still needs a living will, health care surrogate and a financial durable power of attorney.
Attorney Tom Olsen: Cathy you're on News 965 go head.
Cathy: Yes, hi.
Attorney Tom Olsen: Hi.
Cathy: I wanted to see if I need a will.
Attorney Tom Olsen: Okay.
Cathy: I took my money market account and all that and put it into trust and the only other thing I own is a car.
Attorney Tom Olsen: All right.
Cathy: Do I really need a will?
Attorney Tom Olsen: Your car does not go through probate, don't worry about that. As far as your money market account, you're telling me that it's in your name but you made it POD, payable on death to somebody?
Attorney Tom Olsen: Okay, so it's not going through probate. Neither one of those assets are going to be governed by your will. Cathy all in all, this is absolutely everything you own and I can see you not having a will. Cathy, I want to remind you that when we do a will for people at my office, we do four documents and the will is only one of them. The other three documents are very important and critical too. One is a living will declaration where you ask that you not be kept alive by machines. Two is a healthcare surrogate form. If you're not able to, you're appointing somebody to decide what doctors, what hospitals, what medications. Then next is a financial durable power of attorney where if you're not able to, you're appointing somebody to pay your bills and manage your affairs. Cathy if you came to me and said and I said, "Okay Cathy we can get by without a will," I will still recommend that you have those other three documents as well.
Cathy: All right. Well thank you very much that answers my question.
Attorney Tom Olsen: All right Cathy, call our office if you like some help with that we'd be pleased to assist you.