Plan for Your Life as Well as Your Death
by Ann E. Salek, Attorney at Law Critchfield, Critchfield & Johnston, Ltd.
When did you last establish your estate plan? Do you have a “life plan” in place as well?
Many people plan for their death, but fewer consider what happens if they remain alive but become ill, experience diminished capacity, or are no longer able to live the same lifestyle they enjoy today. Who will make decisions for you? Who will manage your finances? Where will you live? How will your care be provided?
As you age, you may find yourself needing assistance with financial matters, health care decisions, household responsibilities, or even determining where and how you will live. Your estate plan should address not only what happens when you die, but also what happens if you are living and can no longer manage your affairs independently.
Planning for this possibility can help preserve your independence and ensure that people you trust are prepared to assist you. Your plan should include appropriate legal documents, but it should also address your practical wishes. Consider who you would trust to manage your finances, make health care decisions, coordinate your care, or oversee your home and other assets if you could no longer do so yourself.
It is also important to think about how your lifestyle might change. Would you want to remain in your home with additional assistance? Would you consider moving to assisted living or another setting? What resources would be available to pay for your care? Discussing these questions in advance can make difficult circumstances easier for you and your family.
Have you had “life changes” since initially implementing your plan? Many people establish a plan and then forget about it, assuming they will never need to revisit it.
I suggest to my clients that they review their plan at least every five years or whenever they have a significant “life change.” Sometimes simply reviewing the plan and refreshing your memory is enough to confirm that you have the right plan in place. Other times, that review may reveal that changes are necessary.
Some “life changes” that may warrant updating your plan include:
- Death in the family
- Birth in the family
- Remarriage or divorce
- Illness or a significant change in health
- Children reaching adulthood
- Receiving an inheritance
- Purchasing a second home
- Starting or selling a business
- Acquiring significant new assets
- Changes in relationships with individuals named in your plan
Diminishing capacity
A change in where or how you want to live
Estate planning is often thought of as planning for death. But one of the most important questions to ask is: What if I don’t die? What if you live another 10 or 20 years but your health or capacity changes? Planning for that possibility can help you maintain control over your life, protect your assets, reduce the burden on your family, and make your wishes known.
Regardless of what your “life changes” may be, make sure you have properly prepared for your life as well as your death.
Critchfield, Critchfield & Johnston, Ltd.
Attorneys at Law
4996 Foote Road, Medina, OH 44256
330-723-6404 • www.ccj.com
Opinions and claims expressed above are those of the author and do not necessarily reflect those of ScripType Publishing.