Plan your last big event: death
Recently, I met a man whose father died suddenly in IL, where he grew up. He was returning to his home in CA from the memorial. The man shared that his father suddenly fell ill. Within days of being admitted to the hospital, they called him and told him to get there fast. He said that when he arrived, his father took four breaths and passed away. I could see the shock and numbness in this man’s being from the experience of his father’s death. The man said his parents were by no means hoarders, but that he was overwhelmed by their sadness and at the prospect of having to stop by the house and make final arrangements for his father’s affairs.
In an article by Lawrence R. Samuel Ph.D. In Psychology Today titled “Death, American Style”, (* see link below), Dr. Samuel states: “For the past century, death and sex have struggled to be the unspeakable number one in America; these two topics they were a reflection of our shame and embarrassment when it comes to all bodily matters. But death has come way ahead of sex in a “forbidden ratio”, I think most would agree; the former is now firmly established as the primary source of discomfort, discomfort and apprehension of this country “.
I am confused by the shyness of our cultures in the face of death. We celebrate and plan the birth. When we plan to have a baby, we find the best doctor possible, read pregnancy books, organize for the baby’s arrival, and set up daycare. Wouldn’t it make sense to plan for death in a similar way?
Both will happen organically, but certainly with a little planning and education, both can be much easier for you and your family than without any plan or care.
Here are some basics to keep in mind.
1. Obtain a will or trust
2. Establish a power of attorney or power of attorney (see my previous article on this topic)
3. Create a Living Will, Health Directive, or “Five Wishes”
4. Consider planning ahead for your funeral, commemoration, or celebration of life.
5. Pass on your plan to your family or designated administrator
Even a person of modest means needs a trust or a will. A trust or will conveys your wishes and legally indicates how your property will be distributed at the time of your death. Depending on the laws in your state, a trust can save your family 3-10% on probate court and attorney costs, not to mention the time it takes to go through the process, which can be months or even years.
Will: A written statement appointing someone to manage your estate and how to distribute your property upon death. You must sign, date and have your will witness.
Holographic Will: A will drawn up entirely in your own hand.
Confidence: It is a legal vehicle where a property is in the hands of one party for the benefit of another. Property of any kind can be held in a trust. Trusts can provide benefits in estate planning, asset protection, and taxes. It is important to research the estate and estate planning laws in your state and find out if a trust or will is appropriate for your situation.
Irrevocable trust: After placing the property in an irrevocable trust, you cannot get the property back. For all intents and purposes, that property now belongs to the trust.
Revocable Trust: Your property is deposited in the trust. You can undo the transfer by removing the property and terminating the trust.
Legal power: Gives a designated person power of attorney to act on your behalf in private, commercial and legal matters. You can describe how much power the designated person has and under what circumstances they have the right to act on your behalf. (See article on powers)
Health Care Directive, Living Will, or the Five Wishess:
An incredible amount of money is spent on end-of-life care in the US There are not enough of those resources designated in an end-of-life plan.
A health care directive or living will is a legal document in which a person specifies what actions should be taken for their health if they can no longer make decisions for themselves due to illness or disability.
An alternative to a health care directive or living will is the Five Wishes.
Five wishes inform your family and doctors:
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Who you want to make health care decisions for you when you can’t.
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The type of medical treatment you do or do not want.
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How comfortable you want to be.
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How you want people to treat you.
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What you want your loved ones to know.
“Five wishes it’s changing the way America speaks and plans for end-of-life care. More than 23 million copies of Five wishes They are in circulation throughout the country, distributed by more than 40,000 organizations. Five wishes meets legal requirements in 42 states and is useful in all 50. Fill out online and print for $ 5 “.
Most people want to keep assets in the family and avoid large amounts of money going to attorneys and probate courts. Also, they want to keep the peace in the family. Create a succession plan and communicate that plan to whoever you have agreed to handle your affairs.
Be sure to consider getting a legal consultation.
* Article by Lawrence R. Samuel Ph.D. in Psychology Today titled “Death, American Style” Article Link
