Are you surprised I have a wish list? As an experienced estate planning attorney who has just about seen in all when it comes to wills, trusts, and other legal documents, I can honestly say that it makes me sad when I hear of tragic situations that might have been avoided with some basic estate planning. Most experienced estate planning attorneys would agree with me that if our clients helped fulfill the wish list below, not only would we be happier for them, but they would benefit enormously.
Wish #1: Every minor child has a legally appointed guardian and a plan for their financial well-being in the future. Appointing one or more trusted individuals to be your child’s guardian ensures that your child’s future is secure if something happens to you (and your child’s other parent).
Why do I wish this?
If parents pass away without establishing legal guardianship or financial arrangements for their child, several steps need to be taken. Local laws may vary, but basically: If no legal guardian has been designated in a legal document, child welfare services or law enforcement may temporarily place the child with a relative, family friend, or foster care. (Who wants that for their child at such a scary time?) Know that courts generally prioritize placing children with relatives. Then, the court will appoint a legal guardian. However, you may have chosen someone else. And if no one agrees to take your child, they could end up in the foster system.
Meanwhile, the parent’s estate is addressed. Depending on whether you have a will or not will dictate how messy and or long this could take. The court may appoint an administrator to manage the estate and oversee the child’s financial needs. But let’s be realistic; it could all turn out to be a traumatic situation for your child, and if the court selects the “wrong” people to raise your child and manage the financial aspects, your child will suffer the consequences. I don’t want that for any child. You don’t want that for your child.
Wish #2: Every existing will has been updated within the past few years.
Why do I wish this?
If someone dies and their will is outdated, the court will still honor it. If nothing has changed since the will was originally written, all is fine. But things do happen. Children are born. People die. Siblings argue and become estranged. Assets are sold or acquired. All of these life changes need to be considered and addressed in updated legal documents; otherwise, the distribution of assets can become a long, contentious, and possibly expensive process for heirs. Why risk it? A quick review every few years is all it takes to ensure minimal problems down the road.
Wish #3: Every adult has an up-to-date living will. The purpose of a Living Will Declaration is to document your wish that life-sustaining treatment, including artificially or technologically supplied nutrition and hydration, be withheld or withdrawn if you are unable to make informed medical decisions and are in a terminal condition or in a permanently unconscious state.
Why do I wish this?
If someone doesn’t have a living will (also known as an advance directive) or their living will is outdated, decisions about their medical care during incapacitation are made based on state laws, healthcare provider policies, and family input. Usually, healthcare providers will turn to those closest to the patient, such as a spouse, adult children, parents, etc. If no one is available and without the legal directive, decisions may be made by the healthcare providers or a court-appointed guardian. These individuals will NOT know what your wishes might have been. This can lead to conflicts and delays. Know that without a living will, medical professionals typically follow standard protocols to sustain life, which may include artificial life support even if the patient is in a vegetative state or terminal condition. Also, know that this situation can easily drain a patient’s assets quickly. Having a current living will ensure your treatment preferences will be followed if you cannot communicate them. And perhaps even more importantly, your loved ones won’t be guessing what you would have wanted, resulting in what could easily be a long-term burden of guilt for them.
Wish #4: Every adult has an up-to-date Healthcare Power of Attorney (HPOA). A healthcare power of attorney is a legal document that allows an individual to designate another person to make medical decisions for them when they cannot make decisions for themselves.
Why do I wish this?
Suppose you have been in an accident and are in a coma, for example. In that case, your healthcare providers will look to the individual you designated in your HPOA for guidance on treatment, etc. If you don’t have this legal document, they will follow standard protocols depending on the state laws, the facility, etc. They may also look to a relative for guidance. However, without prior conversations about this kind of situation, the relative may have no idea what you would want. In these situations, it is not unusual for conflicts to arise among family members or the court to become involved. Had you discussed your wishes with a designated individual in advance, care can be delivered as you would wish, without delay. Isn’t that what you want for yourself?
#5
Everyone enjoys the upcoming holidays.
Why do I wish this?
This is easy. I always wish clients, colleagues, friends, and family a safe and enjoyable holiday.
If my wish list has motivated you to act, whether to establish guardians for a child or update your will, do not hesitate to contact me. None of us knows what tomorrow holds. Let’s get it done together, shall we? Call me at 513-399-7526 or go online to www.davidlefton.com to schedule our meeting from there.