To be sure your final end-of-life wishes are followed; you must prepare a comprehensive estate plan. Many put off making these plans thinking there is always time. The sad reality is that none of us are guaranteed time. Others may be bothered by the thought of death itself and allow this to paralyze them when it comes to making plans and getting their affairs in order for the end of life. However, most of these same people have wishes and thoughts about where and to whom their assets are distributed. Many of them also have ideas about what they do and do not wish to have happen when their life ends. Lack of preparation and planning means that these wishes likely will not be honored. In addition, it causes additional strain and stress on the people who are left to sort out the affairs. An example of this is the story of Debbie.
Debbie was a teacher who had been retired for several years. She was aging alone. She never married and had no family around. She did have a small circle of friends. After retirement, Debbie’s health progressively declined and she had more and more difficulty caring for herself. After a few years, Debbie passed away in her home.
Previously, she had conversations with a handful of her friends telling them her wishes for the possessions and assets she had. Because of these conversations, these friends each thought she had made the proper preparations to ensure these wishes would be followed. Unfortunately, Debbie had none of the necessary end-of-life documents that would allow her wishes to be followed. Her friends were left to try to piece together a puzzle that only many missing pieces. Her burial was prolonged and what she did have after paying expenses to settle the estate and bury her will not end up where Debbie wanted. This scenario can, however, be avoided.
If you or your elderly loved one have not made end-of-life preparations, make time to do so as quickly as possible. An elder law attorney can help guide you in what you should be doing, and can make sure the proper documents are in place to carry out your wishes regarding your health, care you want (or don’t want) to receive, and who should receive your money and possessions.
The first key document to be sure you have is a will or a living trust. A will allows you to specify where your money and possessions should go upon your passing. It also allows you to choose an executor of the estate. The executor will take care of managing the estate, paying debts, and distributing property as specified. A will only take effect upon your death.
A living trust does everything a will can do but also allows for you to choose someone to manage your assets if you become incapacitated because it is effective during your lifetime. A living trust also provides privacy, as it is not subject to the expensive and time consuming process known as “Probate” that becomes open to the public like a simple will is. There are numerous other advantages to a living trust that can be explored with the help of an attorney.
A medical power of attorney known as an Advance Healthcare Directive is an additional document that take effect while you are alive. It allows you to specify your wishes for end-of-life medical care. For example, you can specify whether you want to be kept alive by artificial means if you are in a terminal state. An Advance Healthcare Directive also provides for someone to make health care decisions for you, in case you aren’t able to make decisions yourself. This document outlines your wishes about medical treatment and care when you can’t make them for yourself, so it’s important to seek legal guidance to make sure it is drafted properly.
A financial power of attorney should be in the plan as well. A financial power of attorney names an agent to handle your finances in the event you are no longer able to. An agent can open and close bank accounts, write checks, and sell a property if you choose to allow them the authority to do so. Like the Advance Healthcare Directive, the financial power of attorney should be created with legal advice to make sure your wishes regarding your finances are properly documented.
Having a comprehensive estate plan is necessary for you to have a say in what happens if you become sick and cannot make decisions for yourself, and to determine what happens with your money and your belongings after death. An estate plan also helps those who are left to deal with the estate to do so in a more simple and straightforward manner.
If you have any questions about something you have read or would like additional information, please feel free to contact us today at 833-677-3737.
Thanks for reading.
Christopher E. Botti, Esq., Chief Preservation Officer and Certified Specialist in Estate Planning, Trust and Probate Law
All legal services are provided by Botti & Morison Estate Planning Attorneys, Ltd.