According to a 2024 Caring.com survey, just 32 percent of American adults have estate plans in place. They subsequently drill down and ask respondents specific questions to understand their thinking.
A significant percentage of unprepared people know that estate planning is important, but they procrastinate for various reasons. When they finally act, many use DIY tools to create simple wills, leaving it at that.
We will cover DIY estate planning and the risks involved in a future blog post. In this one, we look at the details of an estate plan that you should attend to when putting one in place.
Choice of Estate Administrator
If you use a will, you name an executor or personal representative to administer the estate after you are gone. The administrator of a trust is the trustee, and the roles are similar. Final debts are paid, assets are secured and inventoried, and they are prepared for distribution to the beneficiaries.
This is not a ceremonial role that you bestow upon someone you care about. During the administration process, there are real-world financial and administrative tasks that must be completed.
From a legal perspective, any mentally competent adult willing to assume the role can be a trustee or an executor. Practically speaking, you should consider longevity, geographic location, willingness to assume the role, and potential conflicts of interest.
Professional fiduciaries, such as trust companies and bank trust departments, will provide estate administration services for a fee. This is an option if you do not know a suitable estate administrator.
After you have decided on an administrator, you should apply a layer of protection. You can add a successor to your document who would be empowered to assume the role if the first choice cannot perform the duties for any reason.
Letter of Last Instruction
Once you have decided on an estate administrator, you must think about the information they need to complete their tasks. You can share it in a document called a letter of last instruction.
We are referring to the location of documents, keys, lockboxes, and other tangibles. Your online accounts and any digital property you may have in your possession, such as blogs and websites, are also included.
Your administrator will also need the names and contact information of people who should be notified about your passing.
To be clear, this is not a legally binding document. When creating the letter, use common sense and ask yourself what you would need if you were in their position.
Incapacity Planning
According to the Alzheimer’s Association, over 30 percent of the oldest old have contracted the disease. This is not the only cause of incapacity, so as disconcerting as it may be to think about the subject, your estate plan should address this reality.
You should execute advance directives for healthcare to assert your medical choices. A living will is used to record your life support utilization preferences. The document can also cover your pain relief medication and organ and tissue donation designations.
When you cannot communicate decisions, medical scenarios can present themselves that are not covered in the living will. To account for this possibility, you can name a representative to act on your behalf in a durable power of attorney for healthcare.
The agent you choose would be unable to access your medical information because of a provision in the Health Insurance Portability and Accountability Act (HIPAA). Your plan should include a HIPAA release form to give them the right to access the records.
The “durable” designation is important because this type of power of attorney will remain in effect if you become incapacity. You should also add a durable power of attorney for property to name someone to manage your financial affairs.
Legacy Planning
Legacy planning is a more complete form of estate planning that can have an impact over the long haul. These considerations are not strictly about dollars and cents, and there are some things that money cannot buy.
If you have heirlooms passed down to you, they may or may not have monetary value. However, they certainly have sentimental value, and you can carefully consider the right caretaker for each item in your possession.
Ethical wills have been used since biblical times to share moral and spiritual values with loved ones who will live on. In modern times, there are no rules to follow when creating this type of will. It is a way to share insight you want to convey as a parting gift.
Family history is another consideration. If you pass away as an elder, you invariably have memories that will be valuable to younger family members who are interested in their roots.
Personal memoirs can be included in a legacy plan. When people close to you learn about your formative experiences, they may come away with a better understanding of their respective relationships with you.
Schedule a Consultation Today!
As you can see, there are many things to consider when planning your estate, and we didn’t look at asset transfer methods in this post. Different approaches can be taken in the big picture, and the right way to proceed will depend on the circumstances.
For this reason, personalized attention is key when planning your estate, and this is exactly what you will receive when you work with our firm. We will gain an understanding of your family dynamic and objectives and make recommendations based on the circumstances.
To schedule a consultation at our Metairie or Covington, LA estate planning office, call us at 504-831-2348 or message us through our contact page.
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