No one lives forever, but when we ignore the need for our Life Documents, far too many of us act as though we do. Because we dislike the thought of being mortal, we look at planning for our deaths as impossible. We put off the distasteful projects, such as making a will, an advanced directive, providing insurance for our senior care. And why don’t we provide life insurance to pay off our bills instead of leaving them for others?
Whether a person believes he or she will live forever or whether they are afraid if they do these things, it might set their demise in motion, to ignore them is selfish beyond belief. Yes, selfish. When we refuse to face the fact of our immortality, we lay a burden on our families that no one should have to face after a loved one dies. I thank my husband every day for providing for us over the years. Even more, he provided for after his death. With a special needs daughter, who will always live at home, it was imperative to have the assistance of his planning well in advance for her care.
Last Will and Testament
A friend laughed when I asked if she had the most important Life Document of all – a Will.
“No, the kids can just divide everything when I’m gone. They know what they want.”
And if they do not have that choice? Or if there is someone in the family you absolutely do not want to leave anything? Or if there is a child who takes drugs, is physically or mentally incapable of staking his/her claim? What happens in these instances? The State moves in to settle all claims and possibly to take a nice share for itself.
The State is in Charge
States vary on how they handle things. Therefore, it is imperative to check out how a person’s home state proceeds. Since Alabama is where I live, that is the example used to demonstrate this intestate case.
The state applies the same intestate rules to every intestate estate, even though the assets, heirs, and the desires of the decedent vary from estate to estate.
Alabama State Rules
- There is a spouse and no children, the spouse will receive the whole estate.
- Spouse and a parent or parents remain, the surviving spouse is entitled to the first $100,000.00 plus one-half the balance. The parents receive the balance.
- Children and the children were from both parents, the surviving parent receives the first $50,000.00 plus one-half of the balance. The children divide the rest of the decedent’s estate. However, if surviving children do not belong to the surviving spouse, the surviving spouse is entitled to 50% of the balance of the decedent’s estate.
- No surviving spouse, but one or both parents are alive, they receive equal portions of the entire estate.
- In the uncommon event that there is no surviving spouse, no surviving issue, no surviving parents, and no surviving issue of the parents? The estate passes to the surviving grandparents, if there are any, to divide the estate equally. Should neither of the grandparents be living, the estate passes to the issue of the grandparent. This is done in equal shares to those issue of equal degree of kinship and by representation to those issue in unequal degrees of kinship.
The information regarding the succession of heirs was taken from https://cwalawfirm.com/estate-litigation/intestate-succession/. There is far too much information to include in this article. However, the above does give some indication of how difficult passing along the deceased belongings can be when no will is provided.
Who Needs a Living Will?
During hospital stays, everyone should have this Life Document, A Living Will. It is also known as an Advanced Directive For Healthcare. It provides a proxy to someone a person trusts to make the best decision regarding Life or Death for a person thought beyond help by physicians. This is not a document to be taken lightly. When a person is terminally ill or injured and not expected to have any quality of life, someone must make the decision to ‘pull the plug.’ Based on the patient’s Living Will directions, the proxy will make the final decision to provide no life saving measures. However, regardless of the patient’s wishes, medications to relieve pain and keep him/her comfortable will be provided. Nutrition and water will also be provided. Should the patient’s heart stop, no move will be made to restart it. Everyone needs a living will for two reasons:
- To provide guidance to those who must make the final decision;
- As a last act of love for those who must make the final decision.
Don’t Need Insurance for My Old Age
There are a couple of ways to provide for our old age – be wealthy enough to provide for ourselves and long term care insurance. During our senior years, especially if we are ill, this Life Document may mean the difference between excellent and terrible care. It’s lovely to believe our children will rush in to save the day, but it is not realistic in many cases. Senior care homes are full of those who never see their children once they dump them there. Does that sound too rough? The truth often hurts. And those senior care homes are not cheap. To get into a place may run from $20,000 to $400,000. Additionally, there is a monthly cost of $1,000 to $4,000 for maintenance. Costs depend on whether a person buys or rents. Costs also depend on how capable the senior is in caring for his/her own needs.
There are varying types of homes, communities, apartments or rooms available, but even the tiniest room runs more than many seniors thought to save. In that case, the family home and anything else of value owned may be forfeited to meet the costs. Should money run out, the senior may discover he/she is also out. Before Medicare or Medicaid will kick in, all real estate must be out of the senior’s name. These insurance are more likely to pay for home assisted care. Why not go ahead and get insurance to pay for your care?
Why Give Someone Durable Power of Attorney?
With this Life Document, a trusted person is designated to make critical financial, tax and legal decisions on your behalf should you become incapacitated and can no longer able make sound decisions. This durable power of attorney allows access to financial records and seamless ability to pay bills and taxes, manage investments, purchase insurance, pay for medical care or even liquidate assets. https://www.pathwayshealth.org/hospice-topics/5-documents-every-senior-should-have/.
Without this document, a person’s funds may be tied up while essentials bills and taxes are not paid. That often results in the loss of property.
A Sad Parable
Sometimes a doctor informs a person of a terminal disease only to have that person make illogical decisions. He may decided if he loses all he has worked for in life, then he cannot die before the fortunes are regained. Sadly, one person lived within my own realm of acquaintances. After retiring from the military, he discovered he had prostate cancer and had probably had it for close to ten years.
After retiring, he and his wife became successful realtors in the state of California. Success came after many late nights and hard working days and they became reasonably wealthy. One day the doctor informed him that the cancer moved into the bone and his time was limited. He made the decision to lose all they worked for to hold death at bay. He lived long enough to waste the small fortune acquired, but died before rebuilding. Thus, the wife he adored all their long married life found herself little to maintain her life. Fortunately, as an excellent business woman, she survived, growing the small remains to an amount to help her live comfortably.
A Life Document of a healthy Life Insurance Policy, as well as her spouse’s retirement and her own, saved her from depending on others for her care.
Provide for Yourself and for Your Loved Ones
Nothing shows love more than making life easier for family through the documents necessary in all our lives. Provide yourself with Senior Care Insurance to insure your well-being. Provide Life Insurance – to pay YOUR outstanding bills, including your funeral, credit cards, car, house, etc. Find the most trustworthy person in your life to make your proxy, so bills and taxes are paid. Provide your decisions as to your care in case of a terminal disease or injury.
By doing these things, your wishes will be followed, not the wishes of others. And your family will rest knowing all loose ends are tied up.