A successful estate plan should be comprehensive in nature, meaning it accomplishes much more than simply deciding how your estate assets will be distributed after you pass away. One important aspect of a comprehensive estate plan is an end-of-life planning component, a crucial, yet often avoided, topic. Planning for the end of your life is undeniably a sensitive topic; however, failing to plan can have disastrous affects for you and your loved ones. With that in mind, the attorneys at Wilcox Attorneys, PA discuss end-of-life planning within your Arkansas estate plan.
Why Is End-of-Life Planning Essential?
As much as we all prefer not to focus on it, the reality is that we are all mortal. Our lives will eventually come to an end. Ignoring that fact won’t change it; however, it can leave you and your loved ones unprepared. By incorporating an end-of-life planning component into your overall estate plan you ensure that your loved ones are as prepared as possible and that your wishes are honored.
What Should Be in My End-of-Life Planning Component?
If you have decided to incorporate end-of-life planning in your estate plan, you should work closely with your estate planning attorney to make sure your plans are tailored to your unique needs and goals. Some common additions to an end-of-life plan, however, include:
- Incapacity Planning: Review your existing estate plan and make sure that you have addressed the possibility of incapacity within your plan because there is a good chance that you will experience a period of incapacity in the final weeks, months, or even years of your life.
- Advance Directives: Advance directives help you plan for the end of your life and help ensure that your wishes are followed. A Healthcare Power of Attorney lets you designate someone to make medical decisions for you if you cannot make or communicate them yourself while a Living Will allows you to make decisions to accept or reject certain medical treatment options ahead of time.
- Long-Term Care: Spend some time researching and planning for long-term care. Look into facilities and consider how you will pay the high cost of long-term care because the odds are favorable that you will need some type of LTC services before you pass away. Discuss preferences with loved ones and explore Medicaid planning if needed.
- Funeral Planning: Like many people, you may have strong preferences when it comes to your burial and funeral arrangements. To ensure that those preferences are honored, consider establishing an Irrevocable Life Insurance Trust (ILIT) which makes those preferences legally binding and arranges for them to be financially covered.
- Healthcare Information Access: Grant permission for a chosen caregiver to access your healthcare information by signing necessary forms such as HIPAA release forms.
- Organize Legal Documents: If you have not already done so, gather and organize all estate planning and legal documents, such as your Last Will and Testament, trusts, insurance policies, and vital records, in one accessible location for your Executor and loved ones.
- Review Life Insurance Policies: Evaluate your life insurance policies to ensure they align with your current circumstances and update beneficiary designations if necessary.
- Digital Assets: In the 21st century, much of our financial and legal records are accessed electronically and most of us communicate electronically as well. With that in mind, create a list of digital assets, including account numbers, logins, and passwords, to facilitate access for your Executor and loved ones.
- Benefits Review: Review and apply for available benefits such as Social Security, VA benefits (Veteran’s Aid & Attendance), pensions, Medicaid, and SNAP to maximize support during end-of-life care. If you will need to rely on Medicaid to cover LTC expenses, talk to your estate planning attorney about incorporating a Medicaid planning component into your estate plan as well.
- Family Discussion: Engage in open and honest conversations with family members about your end-of-life preferences, addressing any questions or concerns they may have to help minimize confusion and decrease the likelihood of a family dispute that could turn into litigation down the road.
Are You Ready to Incorporate End-of-Life Planning into Your Arkansas Estate Plan?
For additional information, please sign up for one of our FREE estate planning webinars. If you have additional questions about how to incorporate end-of-life planning into your Arkansas estate plan, contact the experienced Washington County, Fayetteville, Springdale, Rogers, Bentonville, and Northwest Arkansas estate planning attorneys at Wilcox Attorneys, PA by calling 479-443-0062 to schedule your appointment today.
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