By Ann Bures, Guest Columnist

I believe it is fair to say that many of us have experienced the loss of close relatives and friends who, for perhaps many reasons, never got around to making a will.

The subsequent fallout from this lack of planning may have created complications for those remaining relatives and friends who hadn’t a clue as to the person’s final wishes.

On Thursday, April 25, our Council hosted a forum at PKS Town Hall to provide us with an overview of the estate planning process.

Guiding us through the questions to be asked and decisions to be made in creating a detailed plan, we were pleased to welcome Andrew Foster, Attorney from the Law Firm of Harvell and Collins, P.A.

Essential Estate Planning Documents

Mr. Foster began by listing the various documents necessary for a properly executed estate plan. These documents, with brief definitions, include:

• Last Will & Testament (LW&T): This is your declaration as to where your assets will go when you die. The LW&T identifies an Executor, a trusted person to whom you confer a fiduciary responsibility to carry out your decisions.
• Durable General Power of Attorney: This establishes an Agent, a person you designate to act for you in managing your financial and other personal affairs in the event you become unable to do so.
• Health Care Power of Attorney: This establishes a Health Care Agent, a person you designate to make health care decisions for you in the event you become unable to do so.
• Health Insurance Portability and Accountability Act (HIPAA) Release: This item designates a person or persons who have your permission to access your health care records.
• Declaration of Advanced Directives for a Natural Death (Living Will): Perhaps one of the most thought-provoking of these documents. This provides your health care providers with directions about prolonging your life in the event you experience a terminal and incurable condition, a persistent vegetative state, or advanced dementia.

As these are considered legal documents, it is prudent to seek advice from legal counsel. Establishing a relationship with an attorney who specializes in the practice of estate planning can serve as an invaluable resource in guiding your decisions.

Preparing an Estate Planning Checklist

Preparing an Estate Planning Checklist is a good place to start your conversation with counsel, and should at least include:

• Inventory of Assets: Including home and land, cash, stocks, bonds, etc., with type of ownership (individual or joint).
• Inventory of Insurance Policies and Retirement Accounts: Include life insurance policies, IRAs, annuities held, and beneficiary designation forms filed.
• Listing of Debts and Liabilities: This includes a detailed record of all outstanding financial obligations, such as loans, mortgages, credit card balances, and other liabilities.
• List of Heirs: Such as your spouse, children, parents, other relatives, friends, charitable organizations.
• Name of Executor: The trusted person who will carry out your decisions responsibly.
• Designation of Roles: The person who will serve as Executor, Trustee, and Guardian if there are minor children.

While this list is a very objective, matter-of-fact approach to planning for the future disposition of your possessions, it is most important to communicate this plan to those who will be your heirs, or not. Conversations concerning your wishes are awkward and can be very emotional, but they are crucial to a well-executed estate distribution.

Learning from Experience

Mr. Foster provided examples of successful estate plans and some that weren’t so successful.

His presentation was videotaped and can be found on our pkscouncilonsuccessfulaging.com/ website. I encourage you to view it. The information he shared can help in guiding your declarations.

Conclusion

Your Pine Knoll Shores Council on Successful Aging will continue to identify topics and resources to connect you, our residents, with solutions to aging gracefully in place. Please share your experiences and ideas with us.