How to protect your property and savings today?

 How to protect your property and savings today?

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Undoubtedly, the rapidly changing world around us forces us to be ready for any turn of fate. Corona, local military conflicts, natural disasters, changes in the financial situation of businesses, sharp ups and downs of exchange shares – all this makes us think about the future for ourselves and our families. In this difficult period, it is important to properly manage your property and finances in advance in order to be ready for any events and twists of fate.

Today, lawyer Ilana Spektor will answer my questions.

< strong>– Ilana, first, tell us a little about yourself.

– I have an academic degree in law, a diploma from Bar-Ilan University. I have experience in several areas, including specializing in family law.

I grew up, studied and work in Israel, but I know Russian well.

For many years I have worked as a lawyer in the business sector. She dealt with problems related to property and real estate of individuals. I know how important it is to protect yourself and your property from unforeseen circumstances in advance.

– Ilana, what do you think leads to the decision to contact a property lawyer?

– In my opinion, this is uncertainty when thinking about the next stage of life. It is difficult to predict the future, an abundance of negative information provokes stress and an unstable psychological state. In recent years, more and more young people have become more likely to face such serious diseases as oncology, heart attacks, strokes, all kinds of nervous disorders, including Alzheimer's, dementia, etc.
Also, do not forget about the risk of serious work injuries or accidents. If a person, for example, is connected to a ventilator or has become incapacitated, then he cannot independently make decisions about property and savings. But, if a person thinks in advance and turns to a lawyer, then there is a solution.

– What legal instruments do we have at our disposal?

It is preferable to think over several options in advance. Who, when and how will make decisions for you if you suddenly cannot do it yourself. Your disposition can be legalized in the form of a deferred power of attorney or a will.

– I think we all know the concept of a power of attorney, but what is a deferred power of attorney? And how is it different from the usual one?

– An ordinary power of attorney issued to a lawyer, other individual or organization, gives the right to perform certain actions. For example, it allows you to check whether an apartment is registered to you, to make a request for your medical history at the health insurance fund, and the like. Whereas a deferred power of attorney makes it possible not only to receive information, but also to make decisions for a person on what to do with this information. For example,
who will be able to receive a disability pension instead of you? Sign in documents? Who will decide for you if your application is denied by state bodies and institutions? What if you need to file a disability appeal against your insurance company?
These and other matters are covered in the deferred power of attorney and take effect only when you are incapacitated.

– So, deferred power of attorney – is it a kind of instruction that indicates exactly who and how will be able to make decisions for you if you cannot do it yourself?

– Exactly. For example, it may be necessary to make an incapacitated person's apartment suitable for a wheelchair, install a special bath for him, or make the front door wider.

However, if such points are not taken into account in the deferred power of attorney, even if funds on the account of a disabled person, his relatives will not be able to use them, paying all expenses from their own pocket. The professionalism of a lawyer in this case is measured by his ability to take into account all the vital needs of a particular person when drawing up a deferred power of attorney.

– Does deferred power of attorney give access to savings and bank accounts?

– When the bank becomes aware that their client has become incapacitated, – if he didn't worry about it beforehand, – all his accounts will be closed (frozen). Therefore, it is so important to decide who exactly and in what cases will withdraw cash from your account at an ATM, sign checks, transfer money from account to account, and so on. Without a deferred power of attorney, you won't even be able to pay for an ambulance call. or ordering groceries at home from the victim's account.

By the way, few people know that a special clause can also be added to a deferred power of attorney by appointing a kind of auditor who will monthly check where your trusted person spends your money in order to avoid mistakes or intentional waste.
During the consultation, I discuss with the person all unforeseen moments, so that in an emergency, his family would avoid a stressful situation, as well as unnecessary waste of time and money.

In the event of an emergency, the trusted person must submit an application to an authority called “Opotropus a-Klali”; to enter into law. I also help my wards with this.

– Who do you think needs a deferred power of attorney the most?

Such a document is necessary for everyone without exception. In my opinion, owners of their own business should pay special attention to drawing up a deferred power of attorney, which will allow them not to lose everything they had, and also not to shift their own debts onto the shoulders of relatives.
Who will make decisions regarding the sale or closure of your business? Who and in what proportions will get the shares, if any? From what accounts will debts be paid? How to build an algorithm of actions to avoid the growth of debts? How many percent of the fixed capital and who exactly will get it? And in general, to whom will the business be recorded further? These and many other questions require thoughtful answers.

Let's say you have a store. If your relatives are not aware of the details of running a business, without you, it will gradually begin to collapse and become unprofitable. But the worst thing is that without a deferred power of attorney, the bank will not allow you to use money from your business account. This means that even if you have funds, repayment of all debts will fall on the shoulders of your loved ones, which can lead to the arrest of their accounts, salaries and property, a ban on traveling abroad, a restriction on driving a car, and so on.

– Ilana, now tell me what you need to know about such an important document as a will?

– It is important to make a will if you do not want to upon death, all your funds and property were divided in the proportion of 50% to the spouse and 50%, divided equally among the children.

Whereas in the will you can indicate, for example, that the apartment will go entirely to your spouse so that he has a place to live in old age, and money savings – children, indicating the exact amount each of them will receive. Or, conversely, housing can be bequeathed to children, but with a note that it cannot be sold while the other parent is alive. It is also not uncommon for cases where everything is left to one of the children who cared for their parents in old age.
Someone wants to leave part of the property to his brother or sister, while someone is afraid of the thought that after his death, the new partner of the spouse will claim half of the savings left by him. Someone leaves money for the education of children, and someone for a wedding. Each such case is considered and discussed individually at a consultation in order to provide for all possible scenarios.

– It is clear with property, but how to properly distribute cash savings between heirs?
< br />– With money – separate conversation. Sometimes even close people may not know about all the income of a deceased person, especially about his pension programs and insurance. In addition to income, it is also extremely important to understand what debts a person has left. Otherwise, the family of the deceased runs the risk of facing unpleasant surprises in the form of letters demanding repayment of a debt to someone they may not even know.

Heirs usually do not understand that if the deceased had debts, then they are paid at the beginning, and they receive the remaining amount as an inheritance. Therefore, when drawing up a will with a lawyer, it is so important for each person to choose the right debt recovery mechanism for him.

– Ilana, what other legal services can you offer for Russian-speaking Israelis?

In the aspect of «family law» I have experience in drafting prenuptial agreements, divorce agreements, custody agreements, adoption agreements. There are other topics I can help with, including representing you in court, – if required.

Among other things, as a lawyer, I deal with real estate issues, drawing up agreements for renting and renting premises, buying and selling. Relevant documents are drawn up in two languages.

If you need timely advice on drafting a will or deferred power of attorney, I will be happy to help you.

If you are interested in any other aspects of my work, you can contact me by phone, WhatsApp or Zoom – my contact number is 050–6621088.

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