Estate Planning as a Career

The loss of a loved one is never an easy experience for a family, and people are often understandably distracted and overwhelmed with things to take care of. Unfortunately, scam artists often use the obituaries in the newspaper as a way to target potential victims.

Here are some tips to help you or your loved ones avoid scams during times of loss:

Protect Your Home: If funeral service dates and locations are listed in the newspaper obituary, scam artists will be able to tell when you will be away from home. And with friends and relatives visiting to pay their respects, neighbors may assume someone entering your house has permission to do so. To be safe, either ask a friend or neighbor to house sit while you’re away, or let your neighbors know your plans so they can look out for suspicious visitors.

Know Who’s Calling: If you have caller ID on your home phone, make good use of it and don’t answer calls from unknown numbers. This will help you avoid calls from companies or individuals who are running cons. Remember: Any companies or people who pressure you during difficult times probably aren’t looking out for your best interests.

Be Mindful of What You Pay: As you are going through papers, pay all bills that you know are legitimate like the mortgage, utilities, credit cards, and car payments. Do not pay anything from unknown parties or companies, including invoices, investment opportunities, calls for orders placed, or calls for money owed.

Get a Second Opinion: Sorting through paperwork can be overwhelming during times of loss. Consider asking a friend, family member, or even a trusted professional like an accountant or attorney to review any invoices or claims before you send a payment.

If you ever have any mortgage or financial questions regarding an estate, please let me know how I can help you.

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We don’t tend to think about any formal records relating to death other than a Will or sometimes a Power Of Attorney.

My husband’s Aunt was killed in a road accident this week and we’ve just found out. It’s a pretty sad story really.

She was a very young 73 year old who had never married - then around 5 years ago she met a man who was her other half and it was quite amusing to hear of her looking for a double bed.They travelled and moved around and did all sorts of things together. Five years of happiness and then gone in an instant.Collision between a campervan and a motor home.

She was killed and he is pretty badly knocked around and still in hospital.

But, of course the hardest thing will be for him to recover from her loss and the fact that he was driving.Whether he was at fault or not - he will never forgive himself.

The good news is that she had a Will and he won’t have to go through a hard time working out what happens where or who gets what.But, what about all the other things.The list of her insurance policies, bank accounts, credit cards, details her accountant, her doctor, list of family contacts etc.

These are many records and details that would make it easier for someone to pick up the pieces, notify the appropriate people, seek assistance from relevant authorities etc. A Will and an Enduring Power of Attorney are critical items.

Please think of those that may be left behind and make it easier on them.If you don’t have these records in place and easily accessible with someone trustworthy (Public Trustee etc) then PLEASE do it.Make it a priority task within this week and get it done.

We don’t want to be mortal - but of course we are and believe it or not - you ARE going to die.Just hopefully not soon and of course after a great deal more gratification and contribution to this world.

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Estate planning is thought about as wills, trusts, and gifts, etc. Not anymore. No one wants to think of sickness, old age, and death, yet all of us will experience that at some point, and the most important element of a person’s legacy is not money but passing along values and life lessons. Yes, the basic documents of an estate plan are needed such as a will, durable power of attorney for financial care and durable power of attorney for health care. But now people want so much more. They want to know how the final wishes and preserved memories of the individual will be left behind. Here is the new softer side of estate planning:

Ethical Wills-more people are using this type of will not just to distribute assets but to also put their values and beliefs on paper. Even if you are not the best writer, you can find outlines and examples on the web to get you started on what memories, beliefs, values, or life lessons you would like to leave behind.

Durable Power of Attorney for Financial Care is a document that gives someone the authority to take over your financial matters upon your disability or incapacity. Make sure that the individual you choose is aware of his or her duties. I have found too often that one child who is not financially savvy is given the responsibility that he or she did not want. Don’t surprise people with this responsibility. Talk to them first to see if they are open to being appointed for these duties.

Durable Power of Attorney for Health Care is a document that gives someone the authority to make medical decisions for you upon your disability or incapacity. 85% of most DNRs (do not resuscitate) are not honored. Again, make sure the individual you choose knows of his/her obligation to see that your wishes are honored.

Some of the new advanced medical directives like the Five Wishes available at Aging with D (more…)