New Years Resolutions?

Is an estate planning tune up on your list of New Years Resolutions?

If yes, you’re in good company!

Check out this fun “punch list” from Above the Law: Estate Planning Resolutions For 2019: How To Be A Grown-Up In The New Year.

This is a great list and includes items I’ve written about here and here.  A short summary of their list:

  1. Write a Last Will and Testament.
  2. Make a Power of Attorney.
  3. Execute a Health Care Proxy.
  4. Purchase a life insurance policy.
  5. Check beneficiary designation forms.
  6. Consider long-term care and disability insurance.
  7. Consult with a financial advisor.
  8. Talk to your parents and grandparents about their estate plans.
  9. Consider burial options.
  10. Inventory your assets.

Health Care Representatives for Minor Children

It’s the stuff of parents’ worst anxieties when headed out of town for business or vacation, leaving their minor children at home in the care of a friend of family — their child is injured or becomes sick in their absence. Imagine, leaving with your spouse on a long-planned vacation, many states away or even out of country, leaving your children safely in the care of beloved grandparents. But, life happens, and one child breaks his arm at baseball practice, while you are thousands of miles away and cannot immediately return home. Grandma takes your son to the hospital, where all but necessary emergency treatment is denied because Grandma does not have legal authority to grant treatment on behalf of your minor child. You call the hospital in attempt to authorize treatment, but unfortunately, the hospital will not accept your verbal authorization, requiring a written authorization, properly executed and witnessed. After many phone calls, a faxed authorization form, and locating witnesses in your hotel lobby, hours after the accident you occurred, you finally get the documentation required by the hospital to proceed with treating your son. Unfortunately, I have heard first-hand stories of a real life occurrences of this very scenario.

This anxiety producing scenario can be avoided with advanced planning. Execute an Appointment of Health Care Representative for Minors, authorizing a trusted family member or care giver to make health care decisions in the event that you can not make these decisions for your minor child. I recommend that parents with minor children consider including preparation of an Appointment of Health Care Representative for Minors as part of their estate planning package.

Joan Rivers and End of Life Planning

Fellow legal bloggers Danielle and Andy Mayoras (find them here and here) have a great article today about end-of-life lessons to be learned from Joan River’s passing.  All estate plans should include planning for incapacity and end-of-life decision making.  The Mayoras’ article excellently explains why this is so important.

As they explain:  “Too many people think that estate planning is all about wills and trusts.  Far from it, end of life planning is often more important.  In fact, every adult over the age of 18 needs to have some type of advance directive in place.”   The consequences of not having such documents and place, can include a public and invasive guardianship proceedings through the courts, in order for the family to be legally appointed the decision makers.  In the case of facing an end of life decision, such as in Joan Rivers’ example, this process could be particularly painful and compound the grieving process of the family forced to make such decisions.  (Can you imagine the pain of having to go to court to obtain a guardianship while your loved one is near life’s end?)  Further, as the Mayoras explain, the guardianship process “can set the stage for a nasty family fight if people disagree on termination of life support (Terri Schiavo being a prominent example), or even a complete refusal to allow the life support to end, if the patient’s wishes were never reflected in writing.”

Bottom line: incapacity planning, including appointing a decisionmaker and stating your end-of-life wishes through a Living Will, are essential to any solid estate plan.  Such planning is an invaluable gift to yourself and your loved ones.