- Font Size:
- Default font size
- Larger font size
BY CHRISTOPHER YUGO | Monday, November 03, 2008 | (No comments posted.)
Q: Is a living will and a DNR the same thing?
A: DNR stands for Do Not Resuscitate. You will often times hear the term DNR on television during medical and attorney dramas. I've always thought that a DNR and a living will were essentially the same thing. Now I'm not so sure.
According to Wikipedia, my source for information that may or may not be true, a DNR is an "written order from a doctor that resuscitation should not be attempted." If that is an accurate definition, then a DNR and a living will are not the same thing.
A living will is an advanced medical directive which provides that: in event the principal is terminally ill; her death will occur within a short period of time; and providing medical care will only prolong the dying process, then the principal does not wish to receive the medical care. The difference isn't all that subtle. It sounds like the living will is your instruction to the doctor to issue a DNR order. Although I have been guilty of using the term DNR when explaining a living will, the terms aren't interchangeable and I'm going to stop using them as such
Q: I am an heir in my father's will. If I inherit anything, is there a way to skip me so that my inheritance can go directly to my children?
A: You can't be forced to receive an inheritance. However, the best way for an heir to waive an inheritance is to execute a disclaimer. According to the Indiana Code, a disclaimer is a refusal to accept an interest in or power over property. In an inheritance situation, you can execute a disclaimer and waive your right to inherit all or a portion of the estate. Essentially, you are treated as if you preceded the decedent in death and the property transfers under the terms of the will accordingly.
Before you execute a disclaimer, you'll want to know what will happen to your share if you are treated as if you are deceased. If the property goes to your kids, then your mission is accomplished. However, if your bequest lapses, it might go to someone other than your children and your goal may not be met.
Finally, although the only real deadline for executing a disclaimer is prior to distribution, most disclaimers are executed prior to nine months following the date of death. That is because if you execute a disclaimer after nine months, it is a non-qualified disclaimer and your inheritance will be taxed to you.
Also, a nonqualified disclaimer could result in gift tax issues. Make sure you consult your attorney and accountant before executing a disclaimer.
Q: My mom is a widow and has two children, my sister and myself. If Mom dies without a will, which one of us will be personal representative.? Does age matter?
A: Unfortunately, I can't tell you for sure. The Indiana Code has a list of interested persons who can serve as personal representative with an order of preference. Assuming both you and your sister are over the age of 18, you are both on equal footing.
What might result is the proverbial race to the courthouse. Who ever gets there first will have the edge. However if competing petitions are filed, the court could consolidate the matters and make its own decision as to who is the most appropriate person to be appointed personal representative.
I suggest that you talk to your mom and get her to make a will. That way, her intentions are clear and you and your sister won't have to fight. It will also make Christmas dinners a little less stressful.
Thanks for the questions.
Opinions expressed solely are those of the writer. Christopher W. Yugo is a member of the Indiana Bar and a vice president and senior trust Officer for First National Bank's Trust Department. Address questions to Yugo in care of The Times, 601 W. 45th Ave., Munster, IN, 46321. Yugo’s information is meant to be general in nature. Specific legal, tax, or insurance questions should be referred to your attorney, accountant or estate-planning specialist.
Back to story No comments posted.
- It wasn't clear, concise or focused on the topic in the story.
- It was a personal attack, vulgar, explicit or degrading, used actual or implied profanity or contained potentially libelous statements.
- It accused someone of being guilty of a crime.
- It promoted violence or illegal acts.
- It contained telephone numbers or street addresses, or e-mail addresses and links to Web sites other than nwi.com or government agencies.
In no way do these comments represent the views of The Times or Lee Enterprises.
Passionate views, pointed criticism and critical thinking are welcome. Name-calling, crude and profane language and personal abuse are not welcome.
Reader comments will not be edited - they will be approved or declined. They may be used in the print edition of the newspaper.
If you feel a posted comment has violated these guidelines, please email our New Media team the commenter's name, the comment and a link to the article.
For more information please read our Terms of Service.
Post a comment Once your comments are approved, they will appear here.
» More Business Stories