non-financial estate planning issues

10 Non-financial Planning Issues You Should Consider

Effective planning doesn’t just involve money…

We tend to do things a little differently around here. After years of doing planning the traditional way (and seeing ways that the process could be improved), I started my own firm. Not only is it important for me to educate you about planning financially, I also want you to think about the non-money planning issues that are often overlooked by more traditional estate planning.

Not planning for non-financial issues can be just as tragic as not planning for more traditional money issues. This lack of planning can lead to poor quality of life for you, extra stress for your kids and loss of a legacy.

Here are 10 non-financial planning issues to consider and their solutions:

1. Healthcare. Who will make your healthcare decisions if you can’t? And will they know when to “pull the plug”? When they do pull the plug, will your organs be donated? Solution: You need to cover the proper legal authority through a healthcare power of attorney and a living will. Also, have conversations with your family about your wishes so they know, without a doubt, how you want them to act on your behalf.

2. Pets. Without a plan, your special dog may be bounced around from relative to relative or even put down because there is nowhere for him to go. Solution: Your will or trust can specify who will care for your pet and how the pet’s expenses will be paid after you are gone. (Which reminds me of one of my favorite estate planning jokes.)

3. Wisdom. What does your family stand for? What values were important to your parents and grandparents? Will your grandkids know about those? Solution: Take the time to reflect on these things and write them down. You can find resources for where to start online, or even hire someone to help you at the Association of Personal Historians.

4. Online or computer stuff. More and more of our lives are being lived online – Facebook, online photos, emails with your grandkids.  How will your family access that info after you’re gone? In this day and age it’s important to have a plan for this. (Read a real life story about it here.) Solution: You can store the information yourself in a safe deposit box, you can use one of the newly formed companies out there (SecureSafe or PasswordBox), or your attorney can keep the information for you.

5. Family heirlooms. Grandma’s old table, the shotgun with the homemade stock, the family Bible that’s over 100 years old. What will you pass on? And will you pass along the story that goes with it? Antique shops are filled with stuff that has some value to a stranger, but could have been priceless to family members, if only the story behind the item had been preserved. Solution: Take the time to clearly communicate your wishes or preserve the stories behind those special items. You can include the history of family items as part of your “special stuff list” or in a separate letter your family will get after you’re gone.

6. Guardians for kids. If people who don’t share your values end up raising your minor children, then the money you leave won’t really matter. Solution: Our free Kids Guardianship Kit is a great resource for knowing how to choose a guardian, and even includes a Child Raising Priorities Checklist to help you through the process.

7. Sibling relationships. If you become disabled and one child is the primary caregiver, will the rest of the family be prepared? Will the caregiver feel like no one else is helping out? Will the other siblings feel like the caregiver is overspending your money? Only you can know the answers to these questions. Solution: As part of our process we will discuss with you how to best choose helpers and how to make sure they know what to do when the time comes. Good planning helps avoid misunderstandings between siblings.

8. Burial wishes. Do you want to be cremated or have a visitation? What will your obituary say? Will you plan it out or leave it to your kids to decide (or fight about) during a time of grief and high stress? Creating a funeral plan or burial plan can be a real gift to your family and make the time of remembering you more meaningful. Solution: In Illinois, you can specify your wishes in your Disposition of Remains document, which provides binding burial instructions.

9. Living arrangements. If you’re near the end of your life, sick and unable to care for yourself, all the money in the world won’t matter if your living arrangements are not what you want for yourself. How important is it that you remain living on your own? Are there certain facilities you absolutely do not want to be placed in? Solution: As part of your disability instructions in your living trust, you can be very specific about how you want to be cared for and where you want to live.

10. End of life issues. Do you want to be kept alive with a feeding tube? Ventilator? Will your family know what your wishes are? If you are 85 years old with terminal cancer, would you want heart surgery just to prolong your life a few weeks or months? Solution: Your living will and healthcare power of attorney give the legal authority and instructions on those issues. But it is also very important to discuss these difficult issues with your family so they understand your preferences.

See our Infographic illustrating these issues HERE.

We are always happy to talk with you about any questions or concerns you might have. Just give us a call at 217-726-9200. And if you want to learn more about the process of planning, feel free to check out our next Intro to Edwards Group workshop. This 1-hour workshop is a great way to learn about our unique process, why it’s so effective and how our pricing works, etc.