Planning for the Unexpected

 Planning for the Unexpected

By Melinda Gustafson Gervasi

November 2020

Earlier this week I was reading my Google News Feed when an article caught my attention.  My heart broke reading every word of a story about a young mother who died due to complications from a pregnancy.  She left behind a large family with very young children who now relied solely on their father for support.  One sentence jumped out for me, causing my head to tilt to one side -- a habit I have when I come across a piece of information that seems "off".  The sentenced went something like this -- "because her death was unexpected there was no life insurance in place."

I believe the true take-away from the story of this mother who died far too young is that we all need to plan for the unexpected.  That belief is the cornerstone of my estate planning practice.  Life happens, it twists, turns, and bucks like a rodeo horse.  Creating an estate plan (a will, powers of attorney, etc.) assumes that one day the unexpected will happen and we have a plan for it when it does arrive.

None of us will escape death.  That is a fact.  We really just do not know when our time will come.  As we enter a season of gift giving, consider creating or updating an estate plan so that your loved ones have a roadmap for the unexpected.  A plan will likely reduce the financial and emotional expense your loved ones will experience.

The day a wind storm knocked down 1/3 of a 70 year old tree, unexpectedly. 

Be well, stay safe, and thanks for reading.  Remember, a blog is not legal advice.  It is meant to be a starting point for thought and reflection.  Please consult with an estate planning and probate attorney in your state of residence for advice specific to your unique life situation.  

Poetry in Estate Planning: Exploring control

 

Control: An Acrostic Poem

By

Melinda Gustafson Gervasi

November 5, 2020

Not only are my children expanding their knowledge though the Madison Metropolitan School District's virtual learning this year, their daily recounts of classroom activities sparks many a memory for me.  Most recently the topic was poetry, specifically 5th graders studying Acrostic Poetry.  This writing style takes a word, such as November, and uses each letter to describe November.  My elementary school days ended in the early 1980s, however, my creative spirit survived my legal education.  Here is my attempt at an acrostic poem, for CONTROL, a concept at the heart of estate planning. 

Create documents that take effect

On your death

No uncertainties left

Take no chances

Record your wishes

Outlined on paper in a

Legally binding manner

Death and taxes are two certainties of our lives.  Why take chances when you can take control.  Estate planning may be a fancy sounding term, one for those with a seven-figure net worth, but it is for everyone.  Your plan may not look like the estate plan for a CEO of a Fortune 500 company, but it will plan for three things: illness, death and taxes.  The heart of estate planning is taking control over these three topics.  If you are 18 or older, estate planning is for you.

Thank you for reading.  Please remember a blog post is not legal advice, but rather a prompt for thought and discussion.  It is recommended that you consult a licensed attorney in your state of residence for advice specific to your situation.