Estate Planning Is About More Than Wills and Inheritance

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Estate Planning Is About More Than Wills and Inheritance

Traditionally, estate planning brings up thoughts of wills, trusts, and discussions about who inherits what. These are undoubtedly important, but there’s another side to the story—the potential for incapacity. Life is unpredictable. Accidents, illnesses, or progressive conditions like dementia can render us unable to make decisions or communicate our wishes. That’s when the true test of an estate plan comes into play.

The Spousal Assumption

There’s a widespread assumption that marriage grants spouses the ability to automatically make decisions for each other. This myth is pervasive, yet the legal system tells a different story. Strict privacy and healthcare laws mean that without explicit legal permissions — such as a Power of Attorney or a healthcare directive — a spouse’s hands may be tied, unable to manage finances, make medical decisions, or even get information from doctors.

The Costly Path of Conservatorship

Without proper documentation, the only recourse may be to seek a conservatorship where a court appoints someone to oversee the incapacitated person’s affairs. It’s a route fraught with challenges: it is time-consuming, can be quite expensive, and throws open what are very personal matters to the public eye.

How to Protect Your Voice and Your Choices

The key to maintaining control is preparation. Here are the documents that every adult should consider:

  • Durable Power of Attorney: This allows you to appoint a trusted individual to handle your financial affairs if you cannot do so yourself.
  • Healthcare Power of Attorney: It enables you to designate someone to make healthcare decisions on your behalf in case you’re incapacitated.
  • Living Will: This document spells out your wishes regarding medical treatment, including life support and other critical decisions.
The Role of Trusts

A Revocable Living Trust can also play a pivotal role. By creating a trust, you not only plan for the distribution of your assets after your passing but also ensure that someone you trust can manage your affairs without court intervention if you’re not able to during your life.

Educate, Communicate, Update

Creating these documents is just the first step. Educate the people you’ve appointed about their roles and your wishes. Keep the lines of communication open and review these documents regularly to ensure they reflect your current circumstances and wishes.

Final Thoughts

Jay Leno’s situation is a lesson for us all, highlighting the need for comprehensive estate planning that anticipates not just death, but also life’s unexpected turns. It emphasizes the importance of preparing for situations where we might not be able to speak for ourselves. 

For those ready to take the next step, or if you’ve realized there’s a missing piece in your estate plan, we’re here to guide you. Ensuring your estate plan is complete and up-to-date is the best way to protect yourself and your loved ones from the uncertainties of the future. Please feel free to contact the office at 724 841 1393 if you need assistance getting started.