Estate Planning After Your Will is Drafted
August 29, 2014I talk with a lot of people who have absolutely nothing done in their estate planning efforts.No will, no medical directives, nothing. So, I spend a lot of time talking about what would make up the standard “Estate Planning 101” package that they could have an attorney draft. The basic documents that nearly everyone should have in place are a will, powers of attorney for financial and medical decisions, and advance medical directives. With these basic documents in place, most people could check “estate planning” off of their to do list. But, to dig a layer deeper, what are some things that you can do after you’ve signed your basic documents, never to look at them again?
- Look at them again! Once a year (usually in the week between Christmas and New Year’s), I review my documents to make sure that everyone named to a position of importance is still alive, still willing and still a good choice to serve in the role. When the person who was initially chosen to raise my kids if I (and their mother) were not alive ended up moving across the country and checking into rehab, maybe it was time to reconsider the choice of guardian for the kids. Fortunately, I’m writing this blog while alive so the guardianship portion of my will has never had to be implemented.
- Consider someone other than your spouse/significant other as your medical power of attorney. That’s the person who will be in the most pain and perhaps the worst position to make life and death choices based on your wishes and not their own emotions. Who in your life is able to make great decisions under duress? Maybe that’s the person you should nominate to handle some of these tasks.
- Don’t use a safe deposit box to store your documents. Many people do and when I worked for a bank, I saw so many families come in 6-9 months after a loved one’s death (when they got the renewal bill, usually) and find the will, only to discover that they didn’t do things exactly as written. Then, they face the choice of either letting things go as is or taking a painting off of Uncle Jim’s wall and giving it to cousin Debbie. I have a red folder in my desk drawer that has my documents and I keep copies at my mother’s house and a safe deposit box. My kids and a few friends know where the red folder is and can grab it when needed.
- Pick some music! I don’t want my viewing, wake, funeral, or whatever path is chosen to be a somber event where people are afraid to speak above a whisper. I feel like life has a soundtrack and one of the things I want to do over the next several months/years is to create a playlist for my services. With my choices in music, I hope that people who know me well will feel like I’m there in the room with them for a celebration.
- Speaking of celebrations, I definitely am planning for my funeral to be a celebration of my life, not a tear-fest. All of my friends have funny stories about times we spent together. I am writing a codicil (added part) for my will that asks several friends to tell stories about some of the events in our lives that ended in hysterical laughter. I may give them a hint or two to help their memories but they are free to choose their own if something better comes along.
- Let people know what you think of them. In my red folder, I have letters to people who made enormous impacts in my life. I tell them what they mean to me once in a while in person but I get very sappy and emotional in my letters to them in my red folder. Every few years, I’ll revise a letter or add a new one. But I’m a fan of letting people who matter to me know that they matter. I do it in life and I’ll do it at my death.
These are some of the things that you can do to have an ever-evolving estate plan. I’d also love to hear other ideas that I could add to the list of things I’m doing. If you have creative ideas, please add them in the comments section of the blog.
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