Estate Planning for Weggies. It'll be too late, if you end up unconscious in an ICU

[crowneagle]

I'm a little panic stricken, sorting out my estate. After all, I'm an infection and relapse away from disaster. Above all, we want to avoid probate, where all kinds of shady characters can put a claim on your assets.

I'm keeping my estate planning simple. Every account I own has a listed beneficiary. Upon my death, those funds will pass to them. If I should end up in a precarious situation, I'll have a durable power of attorney, so someone can pay my bills and take care of any financial decisions. I have a healthcare proxy, but maybe skipping a MOLST form, aka MEDICAL ORDERSfor LIFE-SUSTAINING TREATMENT. This is the pink form you hang on your refrigerator, so EMT's will know how to handle you. In my state, a healthcare proxy can override the MOLST form. I already have a burial plot, but I'm thinking of prepaying some of the associated costs.

My estate plan is a work in progress, with serious emphasis on progress. Don't leave a mess for your heirs. Proper estate planning can bring peace of mind.


Estate Planning Musts When You Or A Or A Loved One Has A Chronic Illness

https://www.forbes.com/sites/martins...h=aa7d3e14a700

[Pete]

Good idea, Tom!

My wife and I set up a revocable family trust into which we put all our assets (car, house, bank accounts, retirement savings accounts). In Ohio, the trust allows the successor trustees to avoid probate when my wife and I die. When we established the trust, we also made out living wills and durable powers of attorney and put copies of them in MyChart at OSU. The cost of doing this was about $3,000 in 2006.

We also made sure that beneficiary info was updated for 401k, 529 college savings accounts, and life insurance policies.

We’re all set for end of life stuff, but neither of us is in precarious health at the moment. But at our age (mid 70s), you never know…

[crowneagle]

Thanks Pete! You've done a great job with your estate plan. My recent issues lit a fire under my butt. Seeing an attorney today.