Adulting: Planning for Life When You are Least Expected to Live

Many clients that create an estate plan only plan on their inevitable death rather than a “worst case scenario.” Catastrophes such as plane crashes, car wrecks, or other sudden life-ending events should be planned for, as well as catastrophes that do not end in death but rather incapacity or the inability to work.

Every individual over the age of 18 should have a power of attorney. A power of attorney grants your agent significant authority to act on your behalf. Obviously, you should choose an agent whom you implicitly trust. A health care proxy similarly appoints an agent to make medical decisions on your behalf in the event you are unable to express your wishes.

“Marriage to a person does not give you automatic authority to access their individual financial accounts. Living with your parents does not give you the right to access their accounts, nor can they access yours. In the event you do not have a power of attorney, your spouse and children are barred access to your individual assets, which they may need to survive. In the event an agent is not appointed, your family may be forced to request court intervention for the appointment of a guardian or conservator, which is an emotionally difficult and expensive process.”

See Cori A. Robinson, Adulting: Planning for Life When You are Least Expected to Live, Above the Law, July 31, 2018.

Special thanks to Jim Hillhouse (Professional Legal Marketing (PLM, Inc.) for bringing this article to my attention.