Maybe it’s because I have a newborn at home…maybe it’s because of all the tragedy in the news lately…or maybe it’s because I spent a significant amount of time preparing for and presenting on the topic, but estate planning has been on my mind this week. I know, a riveting topic, right? I don’t enjoy thinking about dying. I’m going to assume that you, like most others, also don’t enjoy thinking about dying. So…it’s no wonder that we continually find reasons to delay the inevitable conversation of planning for our own demise.
How many of us could answer the following questions?
- Who do I want to make health care decisions for me when I can’t make them for myself?
- What kind of medical treatment do I want or not want?
- How comfortable I want to be?
- How do I want people to treat me?
- What do I want my loved ones to know?
Daunting, right? I can hear the collective groans and uneasy squirming from here. But what if the conversation was simpler? What if you didn’t have to think? What if you could just check a box, circle an answer, or fill in the blank? Would it be an easier conversation?
The Five Wishes document from AgingwithDignity.org does exactly this, and I’ve become a big fan of its simplicity. It takes those five highly emotional, open-ended questions (above) and simplifies the conversation into, essentially, a multiple choice and fill-in-the-blank form; taking the weight of verbalizing our emotions and intentions off of our shoulders.
You are likely not prepared to have that conversation today and that’s understandable, but when you are ready, I highly encourage using the Five Wishes document to help start the conversation.
If you want to learn more about advanced directives/living wills and the Five Wishes initiative, follow the link to view a sample copy of the Five Wishes living will.
Important C.Y.A Disclaimer: I’m not an attorney and I don’t pretend to be one. This is not intended to be legal advice but rather a jumping off point to make the estate planning conversation easier. Always consult with an actual attorney before putting important legal documents into effect to make sure that they are 1) valid/acceptable and 2) properly completed.
With that said, here are the stories that caught my eye this week:
MONEY: Here’s What Happens If You Don’t Leave a Will (Wise Bread)
Let’s stay on the estate planning train for a moment. Here are a few stats to consider, “according to a recent Caring.com survey, 58 percent of Americans currently do not have a will. For those with children under the age of 18, the numbers are even worse — only 36 percent of these parents and guardians have a will, meaning a full 64 percent of people who are taking care of minor children have no end-of-life plans in place.” It’s important to remember that if you die without a will, you are choosing to let the state decide what happens to the rest of your belongings and responsibilities.
LIFE: Is Retirement Killing Men? (401k Specialist)
Researchers recently found evidence of a spike in mortality among men at the age of 62. Why 62? That’s what the researchers asked as well and they found that spike conveniently coincided with the ability to claim Social Security.
“[T]here is also suggestive evidence that males engage in more unhealthy behaviors once they retire. In combination, the results suggest decreased labor force participation upon turning 62 as a key reason for a discontinuous increase in male mortality, although other factors may also play a role.”
KENTUCKY PENSIONS: Kentucky pension reform: Switching workers to 401(k)-like plans won’t be in revised bill (Courier-Journal)
Finally…some promising news! After weeks (or months) of wondering if anyone was actually going to consider the numbers and costs of an outright switch from a pension to a 401(k)-like plan, it appears that legislators in Frankfort have received feedback that the switch may not produce the cost-savings that they were hoping for. Senate President Robert Stivers “told reporters Wednesday afternoon that the revised bill will mandate no move at all to 401(k)-like plans.” Per the article, Stivers also said, “It will not contain a five-year COLA (cost-of-living adjustment) freeze for retired teachers.” Now that hints or details of the revised bill are being discussed, will we see the final version soon? The waiting game continues.