Alli Masoero, CFP® – Zenith Lead Financial Planner
Not Rich, Yet: A blog talking about finance in a way you’ll actually understand.
I’m serious, there isn’t, I scoured the entire internet for a full 5 minutes.
Estate documents are an extremely important part of your financial plan. It also happens to be the least enjoyable discussion to have with clients. Completing these documents is often grouped into the ‘I’ll do it later’ category. It’s also the one thing you keep telling yourself is not that ‘important’.
I don’t care if you have zero dollars or are young and can do it later. I don’t care about any excuse you will try to provide me. This is something you need to take seriously and prioritize. Life can change in a blink of an eye. Here is my story to prove it:
I am a brain injury survivor. When I was a junior in college I was road biking (with a helmet!) and had a major accident. I hit something on the ground and flew over my handle bars. Even with a helmet on, I was able to smack my head causing a traumatic brain injury.
I was 20 years old. After the age of 18, you are legally considered an adult under law. My parents were unable to make any decisions in regards to my care – they had to trust the doctors to make all the decisions. (Shout out to the doctors in Roanoke for making the right ones!)
“Living wills and other advance directives are written, legal instructions regarding your preferences for medical care if you are unable to make decisions for yourself.” I did not have a living will or medical directive in place, giving my parents zero say in my healthcare decisions until I was awake to speak for myself.
Estate documents give you a voice when you don’t have one.
- You and your partner are married with a child. The fictitious plane crashes on a couples’ getaway, and you and your partner die. Without estate documents, your child’s guardian is decided by the state, not you.
- You are on life support and your family refuses to take you off. Without estate documents, your family has the control.
- You unfortunately get hit by the proverbial bus (you have bad luck like me!). Without estate documents certain accounts may go to your next of kin. Your next of kin is your brother with a gambling problem.
It’s a sensitive but important topic. We want you to keep your voice. Let’s chat and get you what you need.
All written content is for information purposes only. Opinions expressed herein are solely those of Zenith, unless otherwise specifically cited. Material presented is believed to be from reliable sources and no representations are made by our firm as to another parties’ informational accuracy or completeness. All information or ideas provided should be discussed in detail with an advisor, accountant or legal counsel prior to implementation.