At Absolute Trust Counsel, we’re proud to have a great partnership with MyHealthAngel helping to educate older adults and the aging community on estate and legacy planning topics. Our fabulous associate attorney, Madison Gunn, collaborated with the MyHealthAngel team for the third time to discuss some of the most pressing legacy planning questions. If you haven’t heard of MyHealthAngel, their mission is to provide “a modern community for seniors that connects and inspires the ageless.” Why? Because staying connected and engaged is proven to promote happiness and better overall health and well-being. Not to mention, interaction helps keep us on our toes! The MyHealthAngel network provides a variety of weekly Zoom activities aimed to motivate and encourage productivity so that all who are on their journey in aging can thrive. It’s an honor to be a part of the MyHealthAngel mission and support their community, and we’re excited to share this next installment with you.
It’s no secret that building your estate and planning your legacy is never an easy task, especially because there are so many things to consider and a lot of “what if” situations. In this presentation, Madison goes over the top six most asked questions regarding legacy planning. And then, she dives into the most important topic, the audience Q&A. We love this portion of the presentation because while we enjoy covering the bigger, broader topics that everyone needs to know, we also love digging in to help find some insights that are a little more personalized and spark some different thought processes around your own planning. In this Q&A session, we explore some of the best practices in handling documents regarding important end-of-life decisions such as a POLST, the Physician’s Orders for Life-Sustaining Treatment, Power of Attorney, and Power of Appointment. Madison also dives into other vital details and logistics to help you better understand and set up your will and trust.
Some other hot topics include:
- What options exist if you don’t have a family member or want to name a family member as executor or trustee?
- How often should you update your estate plan, and what specific life events should prompt you to update it?
- What power do your end-of-life documents hold on critical healthcare decisions if you become incapacitated?
And so much more.
Legacy planning is unique to everyone. There is no one-size-fits-all approach. We hope that no matter where you are in the process, the insights from these sessions will encourage you to check in on your own plan or make adjustments if needed. We thank you for listening in and sharing this presentation with your friends and family.
Download a copy of Madison’s PowerPoint to take notes or reference as you listen.
Big Three from the webinar:
- When it comes to estate planning items and documents, all 50 states have their own laws, so it’s important to read up on what specific procedures your state has in place to make sure your estate plan reflects what you want.
- If you become incapacitated, either a Power of Attorney for healthcare, a good living will, or a Do Not Resuscitate (DNR) document will help handle your healthcare decisions to the hospital.
- There is no one-size-fits-all approach for estate planning, especially when creating your healthcare directive. There’s no resource to guide you through every circumstance and “what-if” situation besides speaking with an attorney.
Time-stamped Show Notes:
0:00 Introduction
1:10 The first question people have when it comes to the topic of estate planning is, “what happens if I do nothing?” Your assets will usually go to your closest next of kin, but you should check specific state laws to confirm!
3:24 Next, Madison goes over who controls your finances if you become incapacitated. While there is a court procedure, having a power of attorney will make things much easier and cheaper.
4:06 Don’t have anyone that you can trust to handle all your documents? Don’t worry. There are a few options out there, such as a professional trustee.
6:48 Not sure whether you need a trust, a will, or both? Madison goes over the differences here, and the answer to which one you need will depend on a few things, like your specific situation and the state you live in.
9:09 How often should an estate plan be updated? And how do you know when you should update it?
10:27 If you and your spouse have jointly held all your assets and one of you passes away, there are still a few estate administration action items you have to take care of and change, such as those last taxes and ensure everything is in your name.
12:09 Q&A: If I have a trust set up in my home state but also own property in a different state, who do I contact to help me include that property in my trust? Madison talks about how you can use a service called UDeeds to help with that.
13:10 Q&A: Is there a way to set up my paperwork so that I have co-trustees that handle different parts of my trust?
18:48 Q&A: What are the advantages and disadvantages of having joint agents listed for your power of attorney?
21:02 Q&A: If I made a will 20 years ago, do I still need to update it if everyone on it is still living?
21:41 Q&A: What is involved with a trust, and what should someone look for in an attorney?
25:02 Q&A: Is there any resource that will walk me through every possible “what-if” scenario?
32:02 Q&A: If I have specific wishes for how I want my cremation and ashes to be handled, how do I write that down so it’s legally binding? Additionally, Madison goes into the details of what circumstances a Do Not Resuscitate covers.
37:22 Q&A: If I marked down that I’m an organ donor on my driver’s license, do I need to do any of my due diligence to make sure that my organs can be donated?
40:03 Q&A: What is the difference between the living will and the POLST? In terms of significant end-of-life healthcare decisions, which item has rule over what?
41:43 Q&A: Where does someone find the POLST, and how do you set up the POLST program?
42:35 Q&A: How long does legal guardianship work when someone becomes incapacitated? And what legal capabilities does someone who holds guardianship have?
50:51 Q&A: Are the colors of the end-of-life documents specific to the state?
51:36 Start listening now as Madison goes over the best practices for setting up emergency contacts on your phone.
53:00 Q&A: What is the difference between a power of appointment and power of attorney?
55:45 Q&A: What’s the best place and practice for keeping your essential end-of-life documents safe and secure?
59:24 Q&A: If I want to leave most of my assets to a family member that may still be a minor when I become incapacitated, who has control over my estate until they become an adult?
1:03 Q&A: How does withdrawing money from a trust work logistically?
Interested in having Madison or Kirsten to speak at your next event or webinar? Send us a message through our contact us page and we’ll reach out to you to discuss your needs, or feel free to call us at 925.943.2740.
More About MyHealthAngel
MyHealthAngel’s Mission is to provide a modern community for seniors that connects and inspires the ageless. Age is a state of mind often determined by how you feel and at MyHealthAngel we believe feeling good is a priority.
Staying connected to people promotes better health and happiness and being active keeps your mind sharp. We offer weekly virtual events live on Zoom that focus on inspiring topics with an emphasis on health, wellness, movement, education, and entertainment. The MyHealthAngel events are designed to keep you engaged, motivated and productive.
From technical assistance to virtual travel to tips on how to get a better night’s sleep, our mission is to give you all the tools and resources to stay connected to the care and services you need.
Let MyHealthAngel, and our 15-year relationship with the senior community be your trusted guide to help you enjoy every day to the fullest.
At MyHealthAngel we believe the best YOU is yet to come!
For more information, visit https://www.myhealthangel.com or call 800.604.3550 to get in touch.
Still have a question that wasn’t answered during the webinar? Here are some additional resources from the episode:
- Guidebook 1: A Will is Not Enough – Securing Your Legacy with Estate Planning Life can change in an instant. A will is not enough to be prepared. Get free access to our actionable guidebook and start protecting your legacy today. Download Guidebook 1: https://bit.ly/ATCGuidebook
- Guidebook 2: Estate Planning – Beyond the Basics The Essential Guide For Estate Planning Beyond the Basics. Learn how to comfortably define gray areas and assess your own unique needs to effortlessly build a secure future now. Download Guidebook 2: https://bit.ly/ATCGuidebook
- Guidebook 3: An Introduction to Family Trusts Building your estate plan couldn’t be easier. Get our free introductory guide to the number one used estate planning tool, family trusts, and understand exactly how we plan to protect your family. Download Guidebook 3: https://bit.ly/ATCGuidebook
[AD] Do you need help with your estate planning now? We can help. Together our Absolute Trust Counsel team will take a look at your situation and your specific needs and develop a strategic plan that will protect you and your loved ones, regardless of what may come. Here’s a link to schedule your free discovery today > https://absolutetrustcounsel.com/scheduling/. If you have any questions or need any help, please feel free to contact us by calling 925.943.2740 or sending an email to info@absolutetrustcounsel.com.
[AD] The job of a trustee isn’t as easy as one may think. You must give legal notices, retitle assets, file tax returns, understand a legal document, and perform a variety of tasks most people find unfamiliar. As a trustee, if you forget a step or make a mistake, you could be held liable.
Protect yourself, have a plan, and find out the next steps about your specific trust. Get started now by scheduling a 20-minute discovery call with Absolute Trust Counsel. During this introductory call, we will gather information about your trust administration, review our trust administration process with you, and answer any questions you may have. Our goal is to help you get the job done right!