A client of mine shared a slightly embarrassing experience she had recently, which motivated me to create this blog post. Here’s what happened: She had to undergo a routine medical test that required anesthesia. She diligently followed all the pre-test instructions perfectly, arrived on time for the procedure, and was ready to provide all the usual credentials like a health insurance card, driver’s license, etc., and answered all their questions at check-in. All was going well until she was asked if she had a living will and medical power of attorney. “Yes,” she replied, knowing they were in the estate plan we developed together. But the next question was the embarrassing part. She was asked if she had brought copies since they were not in her medical records. As she relayed to me later … “I felt like such a dummy! I realized those documents, in my safe at home, cannot do me any good if I don’t share them with my healthcare providers!”. And she is right, of course. Once we completed those documents, she should have taken them to her primary care provider during her next visit so they could be scanned into the system.
Her “oops!” moment is why I decided to provide this quick checklist for those of you who, like her, might have taken your estate planning documents home, secured them in your fireproof safe, and didn’t give it another thought. I understand the reason why. The incredible sense of accomplishment most clients experience after completing their estate plan can sometimes lead to just checking that item off the to-do list and moving on to something else. But wait! You should take a few more steps to ensure all the hard work you put into the plan isn’t wasted.
For those of you who have a completed (and current) estate plan, here are a few suggestions to ensure your plan delivers for you.
- As noted, once you have signed the completed living will and medical power of attorney, make sure you provide copies to your primary care physician where they will be accessible if needed or scan and upload them into your MyChart.
- Make sure you have at least one copy of the original plan.
- Keep the original in a safe accessible place where your agents and Executor can retrieve them when needed.
- Communicate with key individuals.
a. Share details of their role and provide a copy (or access to) of the plan to your executor/trustee.
b. If it is appropriate, inform your beneficiaries of your plan
c. Let key family members know where the documents are and how to access them if needed.
- Review assets and titles. If you created a trust, make sure to retitle your assets (e.g., real estate, bank accounts) to the trust and verify any jointly owned assets that align with your intentions.
- Create and maintain a digital and physical list of your assets such as bank accounts, investments, properties, debts, and digital accounts.)
- Share your estate plan with your accountant or financial planner to ensure your plan integrates with your overall financial strategy.
- Prepare for implementation by discussing end-of-life care preferences with loved ones to ensure your healthcare proxy and living will are respected and confirm your burial or cremation preferences with them.
- And last, set a reminder to review all your documents in three years (or sooner) with your estate planning attorney.
I provide a complimentary plan review with my clients every three years to ensure their plans still align with their wishes. Life events such as divorce, a new baby, a large inheritance, etc., can significantly impact your estate plan. It’s essential to keep it current.
I hope this has helped those of you who already have an estate plan. And for those who do not, or need to update their plan, please feel free to call me at 513-399-7526 or go online to www.davidlefton.com for more information.