Making Your Estate Plan Work with your Resident Agreement at StoneBridge at Winton Woods

One of the questions we hear a lot from those interested in StoneBridge is what legal paperwork should be in place prior to move in. Questions include subjects such as obtaining entrance fee refunds in a timely manner, handling power of attorney, and how to handle last will and testament documents. You may be wondering how your current estate plan factors in.

Whether you are planning to move to StoneBridge at Winton Woods soon or in the future, we are here to help. We have partnered with Annie Warner, Managing Attorney with Warner Law Firm here in Cincinnati for some expert advice. Her best advice is, “In order for StoneBridge to process an Entrance Fee Refund in a timely manner, your estate planning documents must be in order.” 

What does this mean for you? ( What documents matter for the purposes of working with StoneBridge?)

Financial Power of Attorney

A Durable Financial Power of Attorney enables you to identify and empower a person to make financial and administrative decisions on your behalf while you are living. Laws do change, so make sure you have an up-to-date Durable Financial Power of Attorney and are able to access a copy to share with StoneBridge.

Often times persons named as Power of Attorney are no longer able to be accountable for this responsibility. It’s best to think of another who would be most capable of following through if you were to find yourself in a situation where you need to call on that person’s help and they are unable.

Without a valid, up-to-date Power of Attorney no one will be able to act on your behalf with administrative or financial tasks should you become incapacitated. The Agent you name in your Durable Financial Power of Attorney can act on your behalf with regard to collecting an entrance fee refund, as well as working on your behalf with StoneBridge on any other resident needs that may arise.

Last Will and Testament

A Last Will and Testament governs the division and distribution of assets held in your individual name at your death. It also determines who gets what after you die. Without a will, assets held without designated beneficiaries will pass by “intestacy” according to state law, regardless of your wishes.

Without a Last Will and Testament, your estate will pass according to laws of intestacy, which is a lengthy and arduous process.

Let’s discuss how your Last Will and Testament works with StoneBridge at Winton Woods.

If StoneBridge needs to process an entrance fee refund to your estate, having a Last Will and Testament will avoid questions as to how to disburse any estate funds to your heirs. Although a Last Will and Testament must endure a Probate Court Process, it provides the executor of your estate with instructions as to how to distribute your estate. This also protects your desired legacy to your heirs. If you have a valid trust in place that receives any estate assets upon your death through your Last Will and Testament, the probate process may be further abbreviated.

Once you have chosen your cottage at StoneBridge at Winton Woods, you become part of the StoneBridge family. We are here to help you through each step so you can enjoy worry-free living, pursuing your hobbies and interests, making new friends, and enjoying your new home instead of worrying about legal paperwork that needs to be in place.

If you would like more information or help with your Estate Planning, you can contact Annie Warner, Managing Attorney at Warner Law Firm, 513-449-2111.