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A common misconception about estate planning is that it is “death planning.” Nothing could be further from the truth.
 
A large part of estate planning is planning for life circumstances during which you may need help from the people you trust the most.
 
Having a trusted person named in legal documents to handle financial matters is the best way to ensure that life runs as smoothly as possible during crisis situations, such as an illness or injury.
 
You may also need help with financial matters if you develop a debilitating condition that makes it difficult for you to manage routine financial tasks, such as writing checks or going to the bank. The time to make sure that your estate planning documents will protect you if an accident or illness does occur is when you are still operating at your best.
 
Review your estate planning documents regularly to make sure that you are protected, and that your preferences are clear.
 

I have been following the developments in this story with fascination and disbelief.
 
Prince passed away in April 2016, leaving an estate valued at over $300 million dollars, and apparently no will or trust. Prince’s sister, Tyka Nelson, recently filed a petition with the probate court in Minnesota, claiming that Prince did not have an estate plan. She asked that special administrator be named to oversee Prince’s business interests and estate. (Prince died without a will, sister says)
 
Today, Prince’s estate received its first official paternity claim from a man named Carlin Williams, who is currently serving time in a federal prison for transporting weapons. Mr. Williams’ mother says that she met Prince in Kansas City in July 1976 and that he was the father of her son, who was born on April 8, 1977. (First official paternity claim filed with court)
 
At the time of his death, Prince was not married, and had no known children. His closest living relatives are his sister, several half-siblings, and some nieces and nephews. It is unclear how his estate will be divided under Minnesota law. However, it is clear that Prince left behind what is guaranteed to be a long and messy estate battle.
 
Not having an estate plan can cause strangers to claim that they are related to you, that they are creditors, or that they are business associates. Contact your estate planning attorney to ensure that your estate plan is up to date to avoid disputes over your estate.
 

In a recent New York Times article entitled When the Patient Won’t Ever Get Better, Dr. Daniela Lamas tells the story of a spry 90-year-old patient.  She had been living an active and independent life until recently, when she had required emergency surgery for a tear on one of vessels carrying blood from her heart.  Without the surgery, her family was told, she would certainly die. 
 
The surgery had gone well, but there were major complications afterward.  The patient had developed pneumonia, then kidney failure, and then delirium and profound weakness.  Now she was ventilator-dependent and required intravenous medications to keep her blood pressure stable.  Her expression was dull and lifeless.  She hadn’t been home for over three months.  Her condition was “critically ill, but stable.”
 
According to Dr. Lamas, there are about 100,000 chronically critically ill patients in the United States at any one time.  Since the population is aging and medical technologies are improving, this number is only expected to grow.  The clinical outcomes of these patients are extremely poor.  Half of the chronically critically ill will die within a year, and only around 10 percent will ever return to independent life at home.
 
Dr. Lamas describes the dilemma of these patients and their families.  In the early stages of critical illness, the choices seem simple.  It is the choice between life and death in an emergency.  However, the chronically critically ill are in a lingering uncertain “in-between” state that often lasts for months and ends poorly.
 
This article reminded me of my own experiences with patients and clients in similar situations.  This is one reason why estate planning focuses on being prepared for medical incapacity.  Review your estate plan to ensure that it reflects your wishes, and discuss your preferences with your family.
 

Choosing a guardian for your children is one of the more challenging parts of the estate planning process. Here are some factors to consider:
 
How old are your children? Older and more mature children should be allowed to have some input in the process.
 
Is the guardian willing and able to serve? Can the guardian meet the demands of raising additional children? More importantly, is the guardian willing to serve? Potential guardians should be consulted to determine the answers to both questions.
 
What is the guardian’s religion? What is guardian’s child-rearing philosophy? Religion is of primary importance for some parents. For other parents, the child-rearing philosophy is more important. Ideally, the guardian will share your values in these areas.
 
Consider the guardian’s family. Should the guardian be single or married? Should the guardian have children or be childless? There are no right or wrong answers to these questions, but you should consider your preferences carefully.
 
Your estate plan should ensure the material well-being of both your children and the guardian you have chosen. Of course, your trustee will need to support your children’s health, living expenses, and education. However, you may also consider providing funding for the guardian’s additional expenses, such as the need for a larger residence or daycare providers.
 
Knowing that you have the best possible guardianship plan in place if the unthinkable ever happens to you or your spouse is one of the many ways that planning in advance provides you with peace of mind. Contact your estate planning attorney to ensure that your plan is up to date.