It’s challenging to get people to sit down and create a will (no surprise that over half the adult population is without one). Lack of time and focus, fear, even superstition get in the way.
I am not an attorney: I clearly leave will-writing (and all other legal work) to those professionals.
As a financial organizer / daily money manager working with seniors, I can be of assistance. I help clients do what I call “think beyond the will.” We deal with the other estate organizing tasks—short of the will—that every adult needs to do.
If the act of writing a will is a sticking point for clients, I encourage them to “warm up” to the process by tackling the other ancillary estate organizing tasks first.
Here are a few reasons to start at the margins of the will-drafting process:
First, I find that clients can ease into the process with “everything but a will” tasks. We might, for example, locate life insurance policies. (Not sure if there is a life insurance policy in place? Look here to search.) How about a safe deposit box? Where are the keys? What’s inside or is it empty? We can take care of these and other details during regular client visits. Spread over several visits, tasks are less overwhelming and put clients in the mind-set for planning for the future.
I don’t turn information and document gathering into “homework.” Rather, I work alongside my clients, and we do it together to ensure it gets done. I also make sure we pace ourselves consistent with their needs and abilities while keeping in mind that “the future” may come sooner than expected!
Second, while we’re organizing finances and paperwork, we can painlessly do prep work and information gathering that makes the estate planning process with their attorneys more productive. Trust and estate attorneys find the all-important Owner’s Manual we create is a valuable resource. Clients find an Owner’s Manual great for managing one’s financial life now and for their representative – i.e., their executor – to manage it in the after-life.
What are some life organizing tasks that a financial organizer / daily money manager is skilled and well positioned to do with clients? Here are three from my years in the field:
1) Complete an Owner’s Manual
that puts a client’s vital information all in one place. Each client is different, but a basic Owner’s Manual includes an asset inventory (financial accounts, other holdings) and income and expense items. It provides a versatile “cheat sheet” for clients, a boon for family members and fiduciaries, and it jump-starts the estate planning process for an attorney crafting an estate plan. Fillable forms--simple and more complex—can be found online and in book format including ExitStageRight.com. I create custom Owner’s Manuals for each client and, most importantly, keep them up to date.
2) Sign essential forms that bring benefits now.
Everyone should have a Health Care Proxy (HCP), Health Insurance Portability and Accountability Act (HIPAA) forms, and Power of Attorney. These documents are best drafted by an attorney and are often part of their estate planning process. In a pinch, acceptable HCP and HIPAA forms can be completed directly with a medical facility and a Do Not Resuscitate form completed with a doctor.
As financial organizer / daily money manager I can start talking to clients about their wishes and identify people in their lives who would best carry them out. Look at The Conversation Project and Five Wishes for some conversation starters.
3) Align the titling of accounts and naming beneficiaries (and contingent beneficiaries) with client wishes.
Financial institutions will supply blank beneficiary forms with guidelines for completing them. While it is not a substitute for a will, an attorney pointed out to me that naming beneficiaries on financial accounts can be an uncomplicated way to change the distribution of assets without revising legal documents. It’s a tip I have passed on to clients, especially ones who change their minds often. We keep this information updated with a copy in their files.
Tasks that go “beyond the will” are both estate organizing and life organizing. I encourage seniors to dig into them now. They, their future selves, and the generous people in their lives who have agreed to function as their fiduciaries, thank me!
Of course, there’s more . . . which I will address in my next blog.
Photo Credit: 158580947 © Fizkes | Dreamstime.com