Thy Will Be Done

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www.financialdiva.com

I'll tell you what I hate about death...it's so permanent! Once you're gone, you're gone. That's it. Kaput. No do overs.

But through the miracle of modern financial planning, there is a way you can still get your way even after you head off for that great fashion show in the sky. It’s called estate planning and it’s all the rage.

Now let me share a revelation I have come to learn after more than 25 years as a financial advisor.

100% of those reading this, and writing this, will die.

I know, it's shocking. Further, I have also come to learn that no amount of avoiding estate planning will avert death. I’ve found nothing will do that, though I did hear drinking a bottle of Dom Pérignon while binge-watching all six seasons of Sex and the City in one glorious weekend can add significant years to your life. But I digress.

Without a plan of your making, your estate will be subject to your state’s intestacy laws. If you elect to use this “wonderful” government sponsored estate plan, you do not get to choose who receives custody of your minor children. You have no say over who makes financial or medical decisions on your behalf if you become incapacitated, including whether or not to continue life support. You lose the right to pass on your values with a legacy to charities you hold dear. Simply put, without an estate plan, you choose to allow the state and courts to determine what is best for you and your family. I’m not here to make any political statements, but I think we can all agree that any plan of your choosing will be better than one created for you by a bunch of legislators and judges for whom you may or may not have voted.

For an investment of a few hundred dollars or less, depending on your needs, you can have a Will created through a qualified attorney. In some states, it’s even legal to hand write your Will on a napkin, piece of paper, or anything you have handy, called a Holographic Will, though I would advise that you have a Will prepared by a licensed attorney and witnessed by others as appropriate.

Your Will tells the world how your assets are to be divided. But your estate plan also needs to include a Durable Medical Power of Attorney, naming who makes medical decisions on your behalf when you can’t. An Advance Directive, or Living Will, tells your family and doctors how you want life support decisions handled if there is no chance you will recover. This is especially important in making sure loved ones are not faced with the difficult choice of letting you live or die.

You work hard for your money and your family. You may not get to take them with you, but you darn sure can exercise your right to decide what happens to and for them when you shuffle off this mortal coil.


Live Fabulously – Diva