WHAT’S THE PLAN ?

By Kellie Smith Director, Foundation

Talking about death makes many of us uncomfortable, and as a result, many of us don’t plan for it. This is a big mistake. If you don’t have an end-of-life plan, your state’s laws could decide who gets everything you own, a doctor you’ve never met could determine how you spend your last moments, and your loved ones could be saddled with untangling an expensive legal mess. Planning for the end of your life helps define your legacy but it isn’t just about you; writing a will and planning for your death is a lifetime gift to loved ones.

1. Name an executor.

If you’re an adult - even a young adult - you should have a will, and an executor to oversee that will upon your passing. Estate planning is not just for the rich. It’s not just about the value of what you own but it’s also about the feelings that you and your loved ones have that are attached to what you own. That being said, if you own a lot of monetarily valuable things - real estate, trust funds, yachts - you probably need a lawyer. For most of us, however, a simple document will suffice. You can find templates of these documents online but if you are looking for professional advice, the Jewish Foundation has a list of advisors that we can recommend.

2. Take inventory. List everything you own, not just things that are financially valuable (bank accounts, retirement savings, cars, etc), but also those things that have sentimental value, such as a music or book collection, jewelry, and furniture pieces. Then write out specific instructions about whom you would like to receive them when it’s time to wrap up your estate.

If you have young children, name a guardian for them. Carefully choose someone who reflects your own value system, because this person will be responsible for all of your child’s educational and healthcare decisions. Pets are considered property under the law, so be sure to name a new owner for them as well. Digital accounts are also part of your property. This could include social media accounts, online photos in your Google Drive or iCloud, online subscriptions, dating site profiles, credit card rewards, etc. Keep a secure list of all of these with login and password details, and let your executor know where it is.

Remember that your decisions will likely fluctuate over time. If you get married, have a child, buy a house, or have a falling out with a family member, update your will as soon as possible to provide for these changes.

3. Think about healthcare decisions. Your will takes care of what happens after you die. An advance directive is a legal document that covers healthcare and protects your wishes during end of life. There are two parts to an advance directive, both of which will help avoid loved ones from having to make difficult and emotional decisions around a hospital bed about the best course of care.

The first part is giving someone your medical power of attorney (sometimes called a medical proxy), so that this person can legally make healthcare decisions for you if you are physically or mentally unable. Think about the person in your life who not only understands you and your goals and priorities, but that you know will be able to set aside their own wishes to be a voice for you. You want someone you trust who can handle stress, in case your loved ones disagree on what to do. Part two of the advance directive is called a living will. That’s a document where you can put into writing specific instructions on how you should be cared for by health professionals. For some, it means trying every treatment possible, such as a ventilator, for as long as possible; For others, it might be the exact opposite. There’s no right or wrong - it’s a very personal decision.

4. Don’t forget the emotional and spiritual aspects of death. There’s so much more to consider about how we want to die than the medical aspect. For some, it’s about being at peace with God; for others, it’s not wanting to be left alone, keeping family or pets close by. Some of the questions to consider around this topic are “What do I want to be remembered for?” and “Do I have any emotional or spiritual unfinished business?”

If you have been placing these plans and conversations on the back burner, I urge you to make them a priority. As the saying goes, “the best time to plant a tree was 20 years ago. The second-best time is now.” Most importantly, remember that planning for death doesn’t have to be dark or morbid. Reflecting on death forces us to think about life. This action narrows down what matters most, giving actionable steps forward to living our best lives.

This article is for informational purposes only and should not be considered financial or legal advice. Please consult with your own professional advisors prior to making any decisions.