Estate Planning - Does Your Filing System Make Sense

Estate Planning - Does Your Filing System Make Sense

By Melinda Gustafson Gervasi

June 14, 2021

What makes sense to you today does not mean it will make sense to others or even to yourself a few years down the road.  This is problematic for your important documents, including your estate plan.  A half-dozen years or so ago I answered my phone to hear a client having a mini-panic attack.  We had worked together a year or two prior, and now the client simply could not find the estate plan we had created.

"I looked EVERYWHERE!  It's not under A for Attorney.  It's not under E for Estate Plan.  And it's not under W for Will!  I guess I am going to need you to redraft everything for me......"  With a sigh the client scheduled a meeting for the following week.  Fifteen minutes later the client called back, this time with joy.  "I found it! It was under D for Death!!!!"

Here are a few take-aways from that client call:

1. Not being able to find your powers of attorney or will is the equivalent of having no plan.  You really should know where the documents are, specifically originals;
2. A filing system that makes sense to you will not necessarily make sense to the people who will need the documents.  Once you have your plan in place, share essential details with those you have nominated in the paperwork.  Sometimes this means giving copies to those named; and 
3. What makes sense to you today may not down the road.  Illness, grief, dementia, a decade of not looking for the papers are all a few of things that may delay or prevent you from locating the documents when they are needed.

In law school I was told to write a brief as though a 12 year old were reading the filing.  Why?  Judges need to read something quickly and pull out the key concepts.  I suggest the same approach when organizing and maintaining your estate plan.  These documents will most likely be needed during a severe illness or death. This is a time of stress and grieving.  Not everyone will be thinking as clearly as they might be on a beautiful, uneventful day in June.  They will be operating in storm-like conditions. Keep it simple and to the point.  Place it in a logical place.  And when it doubt, give your system a trial run with a trusted 12 year old in your life.

The more organized you are with  your estate plan, the less stress, time and expense you and your loved ones will face during an illness or death.  Follow my Blog Series: Your Compass as I help you navigate organizing and maintaining your estate plan.  

Which Way?  Image by M. Gustafson Gervasi, 2021

Thank you for reading. Please note that a blog is not legal advice nor is it your attorney.  A blog is meant to spark though and discussion, nothing more.  I urge you to seek legal advice from a licensed attorney in your home state specific to your life situation.  

Estate Planning in the Age of Misinformation

Estate Planning in the Age of Misinformation

By Melinda Gustafson Gervasi

June 7, 2021

As the academic year comes to a close, I reflect on the many concepts my children studied during a year of virtual learning.  Math has gone from numbers the symbols used in geometry and algebra and social studies as moved beyond memorized State Capitals to more in-depth critical analysis skills.  Primarily the validity of source information.  

As my daughter finishes her elementary school years I read along as she studied the last novel of her 5th grade education -- The Westing Game by Ellen Raskin.  Published by Puffin Modern Classics in 1978 the book plunges the reader into a mystery surrounding the will of an eccentric millionaire who lived in town.  Sixteen named heirs compete with each other to determine who killed the testator, Sam Westin, with the winner set to claim the $200 million estate.  Well I wasn't 5 pages into the book and rolling my lawyer eyes at the absurd "legal proceedings".  I set aside my critical eye, enjoyed the fiction for what it was, and had lovely discussions with my daughter as her class read along.  However, it hit me that 5th graders are reading about estate planning and probate with no disclaimer that it is utterly false.  From a very young age the general public is fed information on an area of law that touches every single person's life.  

As you gather information for yourself on estate planning and probate, I urge you to pause and consider your source.  For example:

• Your lovely younger sister who lives in New Mexico tells you, a Wisconsin resident, all about the process she used to set up an estate plan.  Remember, estate planning and probate laws are written by STATE legislatures.  That means we have 50 different sets of laws on this topic.  While some concepts may be the same, the laws are likely quite different
• The banker you have worked with for the past decade keeps nudging you get a living revocable trust.  While he likely means well, he is not a lawyer.  Routinely I work with clients to untangle a mess of joint accounts or beneficiary forms that do not follow their wishes, but were recommended by a financial advisor/banker.  Take the suggestions into consideration, but check with an attorney before signing any documents.
• Acknowledge it's fiction when you are watching a movie, TV show, or reading children's books (they always kill off the mom!).  What makes for entertaining or suspenseful writing does not make it legally sound. 

Image by M. Gustafson Gervasi 2021

Best wishes for your summer.  Thank you for reading. Remember that a blog is meant to spark thought and discussion.  It is not legal advice nor is it your lawyer.  Always consult with a licensed attorney in your home state for advice specific to your situation.

When to Update an Estate Plan

When to Update an Estate Plan

By Melinda Gustafson Gervasi

June 1, 2021

Image by M. Gustafson Gervasi 2021

June has arrived.  Gone are the drab brownish lawns and tree branches.  Lush green foliage is juxtaposed by the light blue skies.  When you live in Madison, Wisconsin, with is harsh winters and drastically different seasons, you tend to stop and appreciate when the verdant landscape arrives on your doorstep.  June also ushers in three common life events that illustrate times when it may be appropriate to update your estate planning documents:

• Graduations -- has a younger person in your life reached a more mature life stage to allow them to serve as your health care agent, personal representative, etc;
• Weddings -- has someone nominated in your estate plan had a name change?  If it has been "awhile" since you updated your documents, this name change may be the extra nudge towards updating your documents; and
• Retirements -- have you moved out of state?  If so you may want to examine your documents to find out if they still meet your needs and the legal requirements of your new residence. 

In my opinion, estate plan updates are necessitated by life events rather than the pure function of time.  Pause, smell the flowers, and give a little extra thought to what life events have unfolded in your circle that warrant the energy to update your estate planning documents.

Thank you for reading.  Please remember that a blog is meant to spark thought and discussion.  A blog is not a substitute for a lawyer nor is it legal advice.  It is best for you to work with an attorney in your home state for advice specific to your situation.  And if you find my writing informative, consider sharing on your social media via the buttons below.