I’ll never forget the day I got that call from Carol*. Her husband, Rob*, had been in a serious car accident. His prognosis was dim. She called from the hospital looking frantically for his health care documents, including his Medical Power of Attorney. I reassured her I would send a copy immediately. She thanked me and admitted that she “didn’t know where anything was.”
I had been advising Rob and Carol, both successful corporate executives, for several years. In spite of Rob’s meticulous attention to detail, he had never documented his personal wishes or special instructions.
This put Carol in the undesirable position of making decisions based on what she guessed Rob would have wanted. At the memorial service, Carol shared that they had never talked about their wishes, because they always thought they’d have more time. What followed was weeks of emotional turmoil and frustration.
This was an aha moment for me.
How many of my clients were prepared with organized documentation of their wishes? I hated to admit; even I wasn’t. What happens when something happens to me? How would my loved ones access my safe deposit box or my online accounts? Would anyone even know where to begin to look for my Social Security card? Who would make sure that my nephew would get the painting I promised him? Who would adopt and love my dog?
The experience led me to develop a process that would record an individual’s personal wishes and provide details to enable loved ones and trusted delegates to carry out their wishes. In fact, this is now at the top of the “to-do” list for each of my new clients.
Survivors are often overwhelmed in a fog of worry, fear, grief and regret. Unable to find critical documents, unnecessary costs are incurred, assets go undiscovered and decedents’ wishes remain unknown.
You can give yourself, your family and others you have named to act on your behalf a valuable gift by taking these simple steps:
1. Gather necessary personal, financial and legal information. Financial and legal may be obvious, but personal information is unique to each of us. Organize the documents and store them in a central location.
2. Document any additional information to convey your intentions. Anything goes here. A letter of instruction can cover who gets personal items or heirlooms, photos, your funeral service, even words of wisdom you’d like to pass on. Don’t overlook your digital estate. Be sure to share your share your usernames and passwords here for each of your accounts.
3. Share the existence and location of all your records with those who need to know. As with all essential documents, these should be reviewed at least annually and accessible to your executor and trustees.
We don’t know when our time on this earth will end, but we know that it will end eventually. Getting your affairs in order now will make things easier during an emotionally tough time for your loved ones. ●
*Name changed
Sandra Gontero, CPA, PFS, CFP is founder at Epoch Wealth Management LLC.
