Want a Stellar Estate Plan? Have These 4 Conversations!

Want a Stellar Estate Plan?  Have These 4 Conversations! 

September 23, 2024

By Melinda Gustafson Gervasi

Image by M. Gustafson Gervasi, 2024

September is National Preparedness Month, which aims to remind the general public about the importance of being ready for disaster and emergencies.  In 2024 there is a specific theme, conversation.  The title “Start the Conversation”, is a campaign that nudges the public past its resistance about addressing potential risks and dangers. It encourages the public to have regular talks with loved ones about how to handle emergencies. While the focus of National Preparedness Month is on natural disasters, such as floods and hurricanes, the motivation fits well in my focus area – estate planning and probate.

Estate planning is the act of creating documents that state who should act if you are alive but too sick to make decisions about our health care as well as finances, as well as, who will handle your final affairs.  Moreover, an estate plan directs where your assets will go after death.  Illness and death are a given for all of us; it is not a question of “if”, but a question of “when”.  A sudden illness that leaves you incapacitated or an untimely death can rock the ground of your loved ones much more severely than an earthquake.  It will happen, so be prepared and take action now while you have the opportunity. 

Whether you are creating a plan for the first time, or you are updating an out-of-date plan, or you are looking to enhance your current documents, here are 4 conversations that will elevate your plan to A+ standards:

1 - Talk with yourself and get real with your situation.  None of us are immortal.  Illness and death will find us all, so act while you are able and take control over who you appoint to make decisions when you cannot.  Be honest with yourself and nominate people who have the skill-set to manage health care decisions, financial matters, and the assortment of final affairs tasks (filing taxes, making funeral arrangements, cleaning out your home).  

2 - Talk with your money people.  From your financial advisor to the benefits manager where you work, to the retirement office for your investments or pension – it is crucial you communicate with these people to confirm what you own and what happens to those assets or benefits upon your death.  Do not assume you know, confirm it. While we live in a digital age, I personally prefer a piece of paper to keep in my 3-ring binder that serves as an easy to access roadmap to those I’ve put in charge.  It is likely to be far easier for the person you appoint to open a binder you create than your phone, computer, email, etc.

3 - Talk with the people you appoint to act on your behalf.  When you nominate another person to make your health care and financial decisions when you are too sick to act, or appoint someone to handle your final affairs at death, talk with them about your wishes and preferences.  Even better, put those thoughts in writing. A simple letter with bullet points can be a lighthouse in the fog to someone who is not only grieving, but also making decision after decision in the wake of your death. Check out another post I wrote specifically on what to include in such a letter, click here.

4 - Talk with the caregivers you name in your paperwork.  For those with minor children, the legal way to nominate a guardian of your children is via your will.  Give great consideration to who nominate. Who shares your values on education, religion, money, and day-to-day habits? If you have teenagers, you may want to ask them for their opinion on naming a guardian.  Also, do not overlook your four-legged or feathered dependents - pet owners should also consider a plan for their animal companions in case of a prolonged hospital stay or death. Make sure these caregivers know the pattern of your everyday life in regards to your child(ren) and or pets: medications, allergies, schedule, and contact information for the organizations in their orbit (such as a school, day care, medical office, etc).

Now you have a blueprint for conversations that will elevate your estate plan.  It’s time to take action. Fall officially arrived in the Northern Hemisphere at 7:43am, Sun, Sep 22, 2024.  Here in Madison, Wisconsin, where I live, Mother Nature delivered a cold front with plenty of rain, wind, and cooler temperatures.  It’s the perfect time of year to pour a cup of hot coffee (or tea or cider) and start talking.  

Image by M. Gustafson Gervasi

Thank you for reading, and please share this article if you found it helpful.  You can also “Follow” my blog; enter your email by clicking Follow in the upper righthand corner to receive a message when a new piece is posted.  Remember that a blog is not legal advice. Rather, it is intended to spark thought and reflection.  Be well and thank you for reading.