Having the State sort out your estate could be more costly, challenging, and emotional for your loved ones than if an estate plan had been established.  In addition, generally speaking, Trusts are more income tax friendly for the heirs than a Will, something to consider depending on the size of your estate.    A Trust is a legal document that allows you to specify how you would like your affairs handled if you are temporarily or permanently unable to communicate for yourself.  A tragic story in Forbes Magazine emphasizes this point when a woman lost everything she owned when, during her incapacitation, the State appointed a legal guardian who made decisions on her behalf and not necessarily in her best interest (2).  There are no statistics regarding how many people become incapacitated to the point they need a guardian; however, estimates suggest that at any given time, 1.5 million people are in the process of being assigned a legal guardian (3).   

Planning for the future is never fun or easy.  Whether we’re saving for college, planning for retirement, or thinking about a will, it requires time and money, neither of which comes easily.  That said, how many of us have found ourselves in a situation that, in hindsight, we wish we had done differently?  Similarly, aging is inevitable; therefore, would you prefer the opportunity to express your thoughts and feelings, or would you prefer someone else to make all the decisions for you?  A common comment I’ve heard over the years is, in essence, “I won’t care if I’m gone.”  Which may be true, but doesn’t account for situations involving temporary or permanent incapacitation. 

Simply put, having a Will or Trust allows you to express your thoughts and wishes for you and your estate in the event of a tragedy.  Depending on your assets and stage of life, estate planning can be a relatively straightforward process.  It’s best to consult with an estate planning professional regarding your personal situation, as the risks of not doing so can be significant.  Consider including a personal letter in your estate plan.  A personal letter from you to the readers could go a long way to personalizing your thoughts and feelings on specific issues.   

I can’t tell you how thankful I was to have a Trust to guide me when I began my guardianship duties.  Thankfully, she had a comprehensive Trust expressing her thoughts and wishes for her entire estate.  Knowing and understanding how she wanted her estate to be managed allowed us to begin providing her with the help and support she needed.  Had she not planned ahead and created a Trust, we would have been left trying to guess what was best for her and her estate.  I can’t begin to imagine how hard it must be to support someone who is temporarily or permanently incapacitated and doesn’t have a Will or Trust.  Not knowing exactly how they would like their estate or themselves to be taken care of would be emotionally challenging. 

The natural aging process alone makes day-to-day tasks more challenging.  As our physical and mental capacity and capability decrease, we become more vulnerable to trips and falls, and tasks such as distinguishing junk mail from bills become increasingly difficult.  This isn’t anything to be embarrassed about.  Like getting wrinkles and gray hair, physical and mental decline are a natural part of aging.  But with those challenges come a few benefits.  As we age, we tend to become wiser, have more time for hobbies, and become more emotionally stable and happier.

Several things surprised me when I became a guardian.  In many situations, I felt like I was the only person in the world who was helping someone with dementia.  My experience is that businesses and institutions do not have systems and processes in place to facilitate guardianship, and even if they did, their employees lacked training to provide support.  In one case, I had to get a court order to facilitate fixing an account.  My experience is that a Power of Attorney (POA) has limited value.  If possible, I would encourage you to work directly with the organizations to determine their processes for allowing someone to act on your behalf. 

Having experienced the process of becoming someone’s guardian, I strongly recommend that we all take the time to create a comprehensive estate plan.  October is National Estate Planning Awareness Month in America (4).  Consider reaching out to a professional and setting aside a few hours to discuss your personal situation to see if a Will or Trust is right for you.

1. P/F _____: Do you have a Will, Trust, or Living Probate? Having one of these and knowing how to use them will relieve a lot of stress, if not for you, then for your family and friends.
2. 1.0 _____: Have you consulted with an Estate Planning Professional? Talking to a professional about the scenarios and variables, as well as the risks of not having a Will or Trust, goes a long way in making an informed decision.
3. 1.0 _____: Do the people you have designated in your Will or Trust know where it is located and what their role is? Keeping your Will or Trust in a safe and accessible place is critical to ensuring your wishes are followed.
4. 1.0 _____: Does your Will or Trust account for temporary or permanent incapacitation? Unforeseen events are just that, unforeseen, and having a plan that allows trusted agents to care for you in the way you want is a relief for all parties involved.   
5. 1.0 _____: Do you have someone you can trust to help you determine when and what type of help you may need? Talking to your doctor or a trusted confidant can help a person sort through their own thoughts, feelings, and emotions, enabling them to make informed decisions.      

_____: Assessment Grade

RuReady Resources:

1. The Last Chapter Series Organizer
2. The Last Chapter Series Readiness Review and Checklist
3. The Last Chapter Series Resource List

Amazon Books:

1. Peace of Mind Planner: Important Information about My Belongings, Business Affairs, and Wishes by Peter Pauper Press Inc (Author). I highly recommend this book for anyone who wants a hard copy planner.
2. Clever Fox End of Life Planner – Final Arrangements Organizer for Beneficiary, Will Preparation, Last Wishes & Funeral Planning. I highly recommend any of the other planners Cleaver Fox offers as a way of simplifying your life.

Article References:

1. Gallup (2021, June 23). How Many Americans Have a Will?  https://news.gallup.com/poll/351500/how-many-americans-have-will.aspx
2. Forbes Magazine (2016, 23 May). Guardianship In The U.S.: Protection Or Exploitation?  https://www.forbes.com/sites/nextavenue/2016/05/23/guardianship-in-the-u-s-protection-or-exploitation/?sh=648821253b49 
3. Center For Elders and the Courts (2024, 15 Feb). Guardianship & Conservatorship Data https://www.eldersandcourts.org/guardianship_conservatorship/general-information/basics/data 
4. American Academy of Estate Planning Attorneys (2024, February 12).  October – Estate Planning Awareness Month.  https://www.aaepa.com/2023/10/october-estate-planning-awareness-month/