4 Ways Estate Planning Allows You To Take Control

4 Ways Estate Planning Allows You To Take Control

By Melinda Gustafson Gervasi

March 30, 2023

There is a day for everything, including March 30th, which celebrates taking control of one's own life.  While this day was originally linked to the assassination attempt on President Regan's life (Secretary of State Alexander Haig said "I am in control here"), it has evolved into a day for celebrating methods one can employ to take control of his/her own life.  From using calendar planners to decluttering to installing organizational systems, updating or creating an estate plan is yet another way for a person to take control over his or her own life.  Here are 4 ways estate planning asserts control:

1. When -- a well drafted power of attorney will state when the document will take effect.  Sometimes the document becomes effective as soon as it is signed by the person creating the form, while other times it may only take effect once the person creating the form has later been declared incapacitated or disabled by a physician.  
2. Who -- creating estate planning documents, such as powers of attorney or a will, allows you to nominate who you wish to make decisions for you if you are alive but too sick to act, or to state who will make decisions if you have died.  If you do not create these documents you leave the decision up to the court system.
3. Where -- estate planning documents are the only legal way to say where your minor children will live if both parents have died.  Naming a guardian for your minor child(ren) is a critically important decision.  Unfortunately many parents cannot come to agreement on where a child should live if both parents die, resulting in a plan never being created.  
4. What -- creating a will allows you to say what will happen to your assets upon your death.  You can be very specific, such as my daughter shall inherit the family piano, or you can be more general, the residue (assets of the estate that remain after all bills, taxes, expenses and specific gifts have been satisfied) shall be shared equally between my surviving children.  If you do not draft a will, it is more likely than not the laws of your home state will control what will happen to your probate.  In my home state of Wisconsin Chapter 852, Instetacy, states what happens to a person's property if they died without a will. 

Image by M. Gustafson Gervasi, 2023

There is very little we can control in this life, but the when, who, where and what of estate planning are easily controlled by creating or updating your estate plan.  Thank you for reading.  As a reminder a blog is not a substitute for an attorney, it is meant to spark thought and reflection.  Please seek the counsel of a licensed attorney in your state of residence for advice specific to your unique situation.