Let me tell you a story about a woman named Alexandria. She called me, clearly very stressed. She and her husband were leaving in three days on a cruise to celebrate their anniversary and suddenly remembered that they had no will, no trust, no guardianship documents…nothing. How quickly could I prepare documents to cover the kids in the event of well, “the unthinkables?” She and her husband have five minor children.  

Before you judge her, consider that it is estimated that well over 50% of Americans do not have estate plans in place. And, at least the thought of leaving the country with her five children in the care of others, snapped her into action. And…because she’s a great friend of mine, her lack of planning did, in fact, become my emergency. But, I ensured that she and her husband had the five documents every adult needs plus the 6th one that is critical for families with children. 

Do you know what they are? Are your assets and minor children protected? Especially if you suddenly remembered that you’re going out of the country on an anniversary cruise in three days like Alexandria? 

Here they are:

1. A Will that properly names an executor and designates how your assets should be distributed after your death. And it names beneficiaries of those assets.
2. A Revocable Trust is a legal entity that holds the assets on behalf of the grantor (that’s you!) and is managed by a properly named trustee who manages your assets for the benefit of the beneficiaries.
3. A Durable Financial Power of Attorney that grants the person you designate the authority to act on your behalf. It gives your “attorney in fact” broad powers to handle your financial and legal affairs, including managing bank accounts, paying your bills, and making investment decisions. It is valid only while you’re alive, but incapacitated. When you pass away, they Will becomes effective.
4. A Health care Power of Attorney Package (this includes an Advance Directive (or in some states a Living Will or Medical Directive) that designates the person you want to make healthcare decisions for you, make decisions about your treatment plans, and ensure that your “post death” wishes are carried out. This package also includes a HIPPA power giving your health care agent access to your medical records.
5. An inventory of all of your assets (if you prepare in enough time to given you time to create the inventory). Importantly, this includes your digital assets as well. That list should include all of your online banking and investment accounts, as well as your insurance companies, policy numbers. The list should also include your social media accounts. AND the usernames and passwords. This information won’t be shared with anyone unless you are incapacitated or deceased.
6. For those with minor children, you absolutely need a written protection plan for your children. It is not enough to just put some names in as guardians. There are a series of questions that you must carefully consider to ensure that your children are with the person you want them to be with and not in the hands of social services or that very last person you’d ever want your children to be raised by.

There you have it. If you know that your assets and minor children are not protected, and your loved ones will be left scrambling (or worse, fighting) at a time when they’re stressed and possibly grieving, do yourself and those you care most about a favor. Contact me and let’s get everything together. But, please, don’t be going on vacation in three days!

Because your legacy deserves a plan.℠