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ESTATE PLANNING

Atty. John J. Urban

Lessons in

the Law

Back to Basics

was reminded that August is National Will Month. A good estate plan consists of an updated will, a du-
Now is the time to write that will that you have not rable power of attorney for finances, a durable power of
done yet. Depending on what article you read, attorney for health and a living will. If you have all four of
32-47% of people do not have a will. So, I can say these documents, you are on your way to controlling who
I close to 50% of people do not have a will. What is in charge should you become incapacitated or die. As I
this means is if you die without a will, your State have indicated before, my tag line in a networking group
will make your loved ones follow the laws established for is “Plan Ahead Before You’re Dead.”
those dying without a will. This also means that your as- In my 50 years as an attorney I have had many people
sets can be transferred to someone you do not want to upset, disappointed and angry when the will is read and
inherit your money. Typically, this is referred to as intestate there are problems with the will or there is no will. Many
succession. The law determines who your heirs are and dissatisfied beneficiaries have told me that this isn’t what
what amounts they receive. Is this what you want? their mom or dad wanted. Unfortunately, we have to fol-
Most of us want to decide who are our heirs and who low the will or the laws of the State where you reside.
should get our money. However, you cannot disinher- We all can benefit during National Will Month to take the
it your spouse in a will—there are other ways to do that time to review our wills or make an appointment with an
which is beyond the scope of this article. Even if you have attorney to draft a will.
a will, have you reviewed it recently? Are your beneficia- Questions, comments or ideas about future articles con-
ries still alive? Are the executors still the persons you want tact me at jurban.gcu@GCUusa.com
in charge? Some statistics show that 50% of wills are in
need of updating.

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10 GCU MAGAZINE AUGUST 2025