Estate planning is for more than just passing on your assets after you die.
Life is full of unexpected events.
What if one of these events leaves you unable to make your own decisions?
Will you be prepared?
If you have an estate plan, you may.
Or you may not.
How do you know?
According to a Barron article titled “Three End-of-Life Estate Plan Lessons,” you must do three key things when planning for your incapacity and before you sign your estate planning legal documents.
What are they?
1. Choose your surrogates wisely.
These individuals will be making your medical and financial decisions when you can no longer do so.
They should be trustworthy, responsible and capable.
If need be, you can divide the health care and financial decisions between two surrogates based off their strengths.
2. Talk with your surrogates about your decision immediately.
To motivate our clients to communicate their wishes to their appointed agents, we automatically include the following statement for them to initial within the "Advance Health Care Directive" each signs: I have discussed these health care matters with my family members and my agents, and they understand my wishes.
Then, once signed, we scan the original Advance Health Care Directive and email it to the client with instructions to forward the same to each of his or her physicians and all appointed agents.
And without delay.
Why?
You will want to provide direction and explain your reasoning before you are unable to do so.
Your loved ones and appointed agents will feel more prepared and will be more confident in their decisions on your behalf.
3. Leave life-or-death issues to those strong enough to handle the weight.
Choosing whether to take a loved one off of life support is emotionally taxing.
Not everyone is able to bear such a burden.
Be sure to select someone who is both capable and willing to make this difficult choice.
As you make these decisions, work with an experienced estate planning attorney.
Why?
He or she will be able to give wise council and create a plan to accomplish your wishes.
So, how do you find an "experienced" estate planning attorney?
First, ask around. Friends, family and other professional advisors are trustworthy sources.
Second, conduct an "organic" search on "Google" for "estate planning" near you (e.g., "Estate Planning Anytown MoKan").
Third, either way, verify! Check out the education, experience, ratings and client reviews of any attorney before you contact him or her.
How?
Two helpful online resources are just a mouse click away to assist with your due diligence: Avvo.com and Lawyers.com.
Check any Avvo ratings, client ratings/testimonials and attorney endorsements on Avvo.com and any "peer ratings" by judges/other attorneys and any client ratings/testimonials on Lawyers.com.
In fact, I use both of these services to thoroughly vett attorneys before referring members of our "client" family for legal help in other areas of law or for matters in jurisdictions outside Kansas or Missouri.
Remember: “An ounce of prevention is worth a pound of cure.” When making your financial, tax and estate plans, do not go it alone. Be sure to engage competent professional counsel.
Reference: Barron’s (November 8, 2016) “Three End-of-Life Estate Plan Lessons”
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