Planning for most people can be one of the most difficult tasks they will encounter. For me, working as a Communications Project Manager for most of my life, it's like making myself a strong cup of coffee or putting the ingredients into a shaker for my next Espresso Martini. Regardless of age, being prepared as best we can for unexpected events is a necessary part of everyday life.
Many years ago, a sagacious person made me sit down and listen to the many things missing from my well-tailored life plan. Being young, I didn't want to listen to the valuable advice being bestowed upon me. Finally, they caught my attention and asked if I had a plan for my mother, my siblings, my closest friends, or myself if we were to pass away unexpectedly, possibly in a car accident, with a disease, or the most obvious one, being murdered by those paid to protect us, the police. The experience of listening taught me that planning is essential for all of us, not just people who are dying. Making decisions now while having a clear view put my mind at ease and reassures those who care about me. I immediately rushed to visit an attorney that I trusted to guide me through this adventure. I questioned why anyone would need an end-of-life plan, especially if they are young and full of life.
I have no trouble planning what meals I would like to prepare during the week. After choosing a recipe, I assess what is in my pantry, meats, or vegetables in my refrigerator, and start making a list of items needed from the grocery store. As simple as it may sound, this is a great step to planning for what's next.
Healthy people in their 20s, and even up to their 60s may have a very different view of the medical interventions they may want during a life-threatening event. So, what items do we all need to consider in planning? Here are a few basics to be considered in starting your planning:
Healthcare Power of Attorney
An enduring power of attorney (medical treatment) is a legal document where you appoint someone to make medical treatment decisions for you - like agreeing to medication or surgery. Enduring means it continues (endures) when you are unable to make these types of decisions for yourself.
Living Will or Trust
The purpose of a Trust is to manage and distribute assets while you are alive, and a Will is to manage and distribute your estate when you pass away. The living will is a document that lets you outline your healthcare preferences in the event you can’t communicate them yourself. You can state your wishes about the medical treatments, medications, and procedures you do or do not want to receive. Both are important when considering how to plan your estate and ensure that your loved one's future is secure and protected. Trusts are often used to minimize or avoid probate entirely, which is a huge plus for some people.
Financial Power of Attorney
Power of Attorney is a legal document that gives a person, or trustee organisation the legal authority to act for you to manage your assets and make financial and legal decisions on your behalf.
Funeral and Burial Instructions
One good way to leave your funeral instructions is to draft a simple letter of last instructions or wishes. You can give a copy to several people, including your executor, close friends, and immediate family that you trust. This way, several people will have access to your last instructions and use your letter before your funeral. I created a final wishes list that expresses all of my final desires such as a 'dope' celebration of life with good music, champagne, dancing, lots of laughter, and fun.
Beneficial Designations
A designated beneficiary is a person who has been named to inherit an asset such as the balance of an individual retirement account (IRA), annuity, or life insurance policy after the death of the asset's owner. It is also known as a named beneficiary.
Life Insurance
Life insurance is a contract between you and an insurance company. Essentially, in exchange for your premium payments, the insurance company will pay a lump sum known as a death benefit to your beneficiaries after your death. Your beneficiaries can use the money for whatever purpose they choose.Digital Legacy
In 2023, we all tend to spend a lot of time online than ever before. Do you have a plan on protecting your digital legacy? Is there such a thing? What do you want to happen to your email and social media accounts, or your photos and files? A good idea would be to create a clear digital inventory of all of your accounts and digital assets. When I think about the number of passwords scattered all over in safe places that I don't remember, it's enough of a push for me to start categorising them and putting them all in an accessible place for those that will take on the duties. The time is always right to start deleting accounts that haven't been used in several years. I often wonder why I keep certain app accounts when I never liked or used them. Starting today, I will create a list of items to be eliminated.
Children with Special Needs
Ensuring children with special needs are well looked after requires careful planning and the right advice. Raising children is challenging at the best of times, but for parents of children with special needs, it can bring additional concerns, such as who will take care of their child after I am no longer here and how will they cope financially. This can be complicated by the fact that many parents are exhausted and already overwhelmed by lots of paperwork. Creating a care plan is the first step towards setting up a protocol that should contain information about accommodations, activities the disabled person may enjoy, identifying family and social connections, and of course the wishes of the person living with a disability. A helpful tip is to set up a Special Disability Trust (SDT) designed to assist family members to provide for the current and future care and accommodation needs of a family member with a severe disability.
Once the plan has been completed, it's important to have it notarised and witnessed. Consider the best place to store your plan securely and add the information to your files just in case you may not remember. It helps to even share the information with a partner, close friend, or a relative that you trust. There are many online sites to help in organising one's life plan. If you have an attorney that you trust, it's another great option for taking care of these essential steps. I discovered an online site called Cake - End of Life Planning that may answer many of your questions. Always do your research for the best information. Remember, take it all step by step, you may be surprised by what you will learn about yourself.
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