In my estate planning and elder law practice we discuss the hard topics of sickness and death with our clients and help them plan for their legacy and the possibility of incapacity and the eventuality of death.   A primary purpose of undertaking this legacy and inheritance planning is to lessen the burden of these events on loved ones.  We often use the euphemism ‘getting hit by the bus’ to begin the discussion and get our clients thinking about what the reality of that situation would look like if they were suddenly no longer available or experienced an early or unexpected demise.  Here are five things to consider before getting hit by the bus.

1. Access to Money.  If you were hit by that bus, would your family be able to get access to funds to pay your bills, take care of you and your family, or pay for funeral expenses? Who would manage your funds in the event of an early death?  What if you don’t have any close family members?  Is there someone who will do this for you?  For many people their financial information is now available only via online access; they do not receive monthly statements in the mail.  This can be a real problem if you have not prepared a list of your accounts (and, at the risk of horrifying IT people everywhere, your passwords) and made this information available to at least one trusted person.  Consider how someone would figure out what you own and how to access it.
2. Life Insurance and Other Benefits.   If you have one or more life insurance policies, does someone know about them? Do your beneficiaries know they are your beneficiaries? One NBC news story estimated that there is more than $1 billion of unclaimed life insurance sitting with insurance companies because the beneficiaries are unaware of the existence of the policies.  If your employer, or former employer, offers life insurance, disability insurance or other benefits, does anyone in your family know this?  If you receive a pension, does that pension continue for the benefit of your spouse?  In full? In part? How will your spouse know that she is receiving the full amount to which she is entitled if you meet an untimely death?  Have you checked your Social Security benefits lately so that you know the benefits to which your family would be entitled in the event of your death or disability?  You can do that on the Social Security Administration’s website.
3. Health Care Proxy & End of Life Medical Decisions.  Does your family and your Health Care Agent understand your wishes for end of life care should you suffer a stroke or other debilitating event that leaves you incapacitated?  It is so important to have these conversations, both to ensure your wishes are carried out and for your family’s peace of mind.  I have clients who had to make end of life decisions for loved ones and who felt as though they did not have a clear understanding of the decision their family member would have made.  This left them feeling troubled for a long time.  The American Bar Association publishes a Tool Kit for health care decisions which includes a Health Care Proxy Quiz intended to help people start the conversation about end of life decisions. The Conversation Project is “dedicated to helping people talk about their wishes for end-of-life care” and is a great resource for these discussions which can be difficult.
4. Final Arrangements.   Does your family know your wishes regarding burial or cremation?  Who should be notified of your passing? How will these folks be found?  Making this information available to the people who will make final arrangements for you is critical.  This is especially important for people who do not have family nearby, or who may be estranged from their family.
5. Last Will and Testament.  Do you have a Will and if so, does your family know where to find it? A Will is an important part of your estate plan. Inquiries about the existence of a Will for a deceased person appear regularly on the Massachusetts Bar Association listserv, posted by attorneys for surviving family members who don’t know whether or not their loved one left a Last Will and Testament.  Don’t let this happen to you.  Inform your family and the person you’ve named as your Personal Representative of the name of your attorney and the location of your important estate planning documents including your Last Will and Testament.  If you haven’t yet made a Will, put that at the top of your to-do list.

It is always hard for family and friends when someone passes away.  In addition to grieving, there are the tasks and seemingly never-ending paperwork that need attention following a death, even more so if it is an early or untimely death.  For some people, a health diagnosis serves as a wake-up call to get their affairs in order.  When an unexpected event results in death or incapacity, there is no time for that.  Every day is a gift for all of us.  Take a minute to imagine what would happen if you ‘got hit by the bus’ and then plan to ensure that your family has access to the information they need.    We can help – if you don’t have an estate plan, or if it’s been more than five years since you’ve reviewed your Last Will and Testament, call us at 781/461-1020 or email us to schedule an appointment with an estate planning attorney to make sure you have a strong plan for your legacy.  In the meantime, watch out for that bus!

Attorney Suzanne R. Sayward is a partner with the Dedham firm of Samuel, Sayward & Baler LLC which focuses on advising its clients in the areas of estate planning, estate settlement and elder law matters. She is certified as an Elder Law Attorney by the National Elder Law Foundation, a private organization whose standards for certification are not regulated by the Commonwealth of Massachusetts.  This article is not intended to provide legal advice or create or imply an attorney-client relationship. No information contained herein is a substitute for a personal consultation with an attorney. For more information visit www.ssbllc.com or call 781/461-1020. 

October, 2019

© 2019 Samuel, Sayward & Baler LLC