In this episode on the Suburban Burnout Podcast, we talk about some real heavy stuff but we hope you found some lightness to the conversation worth digging more into for your own life. With Laura's expertise as a estate planner and Megan's tragic life experience with the death of her sister this topic was important to cover for every suburban household.
Why is it important to have an estate plan?
It lets your loved ones know how your property will be distributed and what your wishes are concerning your affairs.
It allows you to choose the people you trust most to handle your affairs.
Unless the will is contested, it reduces fighting among family members.
It saves your estate money by reducing court costs.
It takes the burden off of grieving family members in deciding how things should be handled.
It allows you to establish a trust for your children and appoint the guardian you feel most comfortable with.
Estate plans include much more than just a Last Will. An estate plan helps you plan for times when you may be incapacitated and unable to make decisions for yourself.
These documents include:
Durable Power of Attorney
Declaration of Guardian in the Event of Incapacity
Medical Power of Attorney
HIPPA Disclosure Authorization
Directive to Physicians
Declaration of Guardian for Children
There are many important factors to consider when preparing your estate plan:
Start thinking about important discussions that need to take place and make sure the time is right. Talk to your spouse. Do you agree on who the best guardian(s) should be for your children? Talk to your aging parents. Have they planned for their care, what are their wishes, and do they have important medical decisions made?
Who is willing and able to serve in various capacities should the need arise (guardian of your children, trustee, executor, power of attorney, etc)? Have discussions with these people and let them know you would like to include them in your plan and ask if they are okay with that.
Talk to your
Sometimes, someone who is best equipped to make medical decisions on your behalf may not be the best to make financial decisions. Think carefully about who should be designated in what capacity.
Make sure you provide a copy of these important documents to your executor and let them know where the originals can be found.
Provide a list of important advisors for your executor- accountant, financial planner, insurance agent, banks or financial institutions you bank with, have holdings with, or trade stocks with.
Provide a list of insurance policy information for your executor- life insurance, short or long-term disability insurance, accidental death & dismemberment.
Provide a list of real property owned and important items of personal property.
Megan’s Story
When I was 25 years old my sister was killed in a car accident. Courtney was 27 years old and only 3 months away from marrying the love of her life. The aftermath of grief and "to dos" was overwhelming for my family. We had to have certain documents to find basic information into her finances, lease agreement, car payments etc. Given that she did not have any children it did make it a little easier to navigate her personal belongings and estate if you will. However, this process could have been much easier and less stress on our family had she had a few legal documents in place.
That is why this episode was so important to me. I work as a life transition and grief coach as well as author of Life After Loss, Workbook and Life After Loss, Pet Death Edition. Death is something I hear about daily. If there was one major pain point we all could eliminate for those who will grieve us, it is the financial and legal burden most will encounter in this journey. For some it will be a very long battle. One that will only mask or delay the healing grief.
So, I urge you all to create a simple estate plan that will give you and your loved ones piece of mind. Because it isn't if we die, it is when we die. That is the only guarantee we have in life.
Wait wait wait, that was a pretty dark way to end and if you have been listening you know by now humor in everything is a must. So allow me to create urgency in a very 'suburban burnout" way. Imagine that your miserable mother-in-law is the legal guardian of your kids because you didn't have the right documents. Or if that doesn't bother you, Imagine that your 18 year old son blows through all of his inheritance on some crop top wearing, TikTok dancing chick who resembles your arch enemy in high school. Now go wine down with the list Laura has given you above.
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