What Makes a Good Estate Plan? Being Organized

What Makes a Good Estate Plan? Being Organized

By Melinda Gustafson Gervasi

March 12, 2021

What is that old saying, life happens suddenly on a Tuesday morning?  For me, life happened on a Friday morning earlier this month.  Settling down on our sofa with a hot cup of coffee and a new book, my plan was to start the day reading.  Then the phone rang.  Yes, an actual call.  "Husband" flashed across the screen.  

Me: "Hey, what's up?  Did you find your wallet?

Husband: "......Melinda?" came a dazed voice,  unlike my spouse's energetic way of speaking.

Me: "What's the matter?" came out of my mouth as my gut told me something was wrong.

Husband: "um, um,.....I fell off of my bike".  After 16 years together the call I dreaded had arrived.  I am married to a bike commuter, and year-round bike commuter.  The weather had just begun to warm up and he had returned to his 8 mile bike ride to work, using the recommended studded tires. 

Me: "Where are you, what's happened, do you need help?" 

Shifting into lawyer mode I asked a series of very pointed questions and determined that he needed to be picked up for medical attention.  I quick call to our primary care provider resulted in the directive of "head straight to the ER".  Once I had found him (he had been in the middle of a stretch of bike path not accessible via car) and we were at the hospital I learned what had happened in detail.  Biking slowly along the path keeping an eye out for his wallet he thought he'd dropped the night before, he made a left-hand turn onto a bridge and hit an invisible patch of ice. It was enough to send the rear tire flying into the air, tossing him up and off the bike, with him landing on the bike handle.  Abdominal trauma is taken seriously by the UW Hospital ER (thank goodness).  Due to COVID-19 restrictions I was not able to stay.  That afternoon he called saying they were keeping him overnight and asked for a bag with some personal items and clothing. "Oh, hey, the hospital also wants a copy of my power of attorney for health care, can you bring it?"  

In under 5 minutes I had a copy of his up-to-date power of attorney for health care in my hands and headed to the hospital along with the bag I had prepared.  Not knowing if emergency abdominal surgery was in his immediate future, I was quite shaky.  However, being able to put my hands on his POA gave me a small feeling of comfort.

We never know when life will throw us a curve ball.   Many things in life are out of our control.  Having an organized and up-to-date estate plan is under our control.  What works for our personal Estate Planning documents is a 3-ring binder with subject dividers.  Instead of saying English, Math and Science, this binder says: Powers of Attorney; Beneficiary Forms, Will; Financial Assets, etc.  When the call came I knew exactly where the binder was, flipped to the POA section, and pulled out a copy ready to be delivered to the hospital.

When organizing your documents, here are some broad topics your binder (of file cabinet, etc.) should address:

• Powers of Attorney, including extra copies to provide if requested.
• Contact information for key people in your life. For example, relatives, employer (or employees), pet sitter, accountant, child care provider or school.
• Disability and or Long-term care insurance coverage.
• Burial information.  For example, Wisconsin's Authorization for Final Disposition, contact for your place of worship, cemetery plot documents, and elements to include in your obituary. 
• Will and/or Trust.
• Complete listing of your financial assets with documentation/statement.  Examples include: deed to your home or other real estate holdings; life insurance, retirement accounts, brokerage accounts, banking services you use, Health Savings Accounts, Stocks, as well as a listing of creditors (credit cards, mortgage, auto loan, student loans, etc).
• Last years federal and state income tax filings.
• Listing of online accounts, such as: social media, email, rewards programs, and automatic billing for utilities, etc.
• Contact information for those who should know if you have passed away.  I include a copy of my most recent holiday card mailing list.

Image by M. Gustafon Gervasi 2019

Thank you for reading.  Please remember that a blog post is not legal advice.  Rather, it is meant to spark thought and discussion.  It is vital for you to consult with an attorney in your state of residence for advice on your specific situation.  Be well, stay safe!