Estate Planning Requires Proactivity

When clients call my company to discuss long-term care options, one of the questions I ask is if the client has completed their estate plan. I have had clients that either have not done an estate plan, or they only had done a Durable Power of Attorney (DPOA) for Health Care. Sometimes we think that we have plenty of time to get our estate paperwork in order, and we push it off if we can. Unfortunately, the further we push it off the more we are scrambling and run into hurdles when it is needed. You may ask why having an estate plan done is vital and needed sooner rather than later.

Here is a list of reasons why and facts of having at least a basic estate plan done sooner rather than later:

  1. Having an estate plan done while you’re healthy and of sound mind is wise so you can make healthy and intelligent decisions about your estate. Also, it gives you time to decide who you trust to make decisions on your behalf, healthcare and financial, if you can’t.
  2. Most, if not all, senior living communities require upon admission at least a DPOA for Health Care. The community needs to know who they can legally contact in case of emergencies.
  3. A DPOA for Healthcare form can be found on the Internet. The form can be signed without a notary but will require two witnesses to sign. However, a DPOA for Financial, Living Will, and Trust need to be done by a trusted attorney.
  4. If you do not have your estate plan in order before something medically happens to you and you cannot make sound decisions, your loved one(s) will have to seek an attorney. The attorney and your loved one(s) must go through the extensive process of gaining Guardianship and/or Conservatorship through the court; this process can be expensive and very time consuming for your loved ones.
  5. A Living Will directs your medical power of attorney and the medical personnel of your wishes in medical treatment if you’re incapacitated. It also prevents family members making decisions for you because it states your wishes in black and white.
  6. Tell your appointed power of attorney(s) that you listed them in your estate plan and give a copy to them or tell them where it is located in case of emergency.