Estate Planning During a Crisis
Recently here at Kraus & Phillips, we had a health crisis. My trusted assistant, Raven was diagnosed with breast cancer. It came as a total shock, since she was in seemingly good health, is young, and did not have any particular risk factors for cancer.
A diagnosis like the one Raven received can be a devastating blow. Nobody really expects to get cancer. Nobody plans for it. And nobody is ready for it when it comes.
One of the first things that enters your mind when a doctor gives you life changing news is “what happens if the worst happens?”. At that point, estate planning becomes something that takes on a much greater importance in your list of life’s priorities.
Estate planning in a health crisis is different than estate planning as a routine matter. The prospect of disability or even death is a far more concrete one. It’s one thing to sit at a table with an attorney and try to plan for something decades down the road. It’s an entirely different thing to try to plan for something that could be months away.
When planning during a healthcare crisis, Powers of Attorney become more important. The Healthcare Power of Attorney probably overtakes the Will as the most important document you can have. It allows you to make sure that your care reflects your wishes if you can’t express that yourself in the moment. It also allows you to know that if it comes down to it, your final wishes will be honored.
A Durable Power of Attorney is also important. As you focus on your care, you may not be able to devote the time or energy necessary to tend to your financial and other household needs. It also provides enough flexibility that as you feel that you can handle it, you can take the responsibilities back.
Finally, a Will is important. Our mortality is a hard topic to deal with. When the prospect of it is not only real, but potentially imminent, it becomes even harder. The thought of having to plan for what happens to your assets after you’re gone is a bad one. However, the prospect of leaving those questions unanswered is worse, particularly if you are young and have a family.
Before her diagnosis, Raven and I had some general conversations about the estate plan that was right for her. However, we had taken no action. After her diagnosis, we sat down and honestly gauged her situation. We were able to come up with an estate plan that met her needs. The conversation was tough, for both of us. It involved a lot of unpleasant scenarios, and caused her to think deeply about just what her wishes were at a level she never had before. We put together a plan that covered her bases for her, so she could focus on beating her cancer. Thankfully, she did just that. Raven is on the road to recovery, and getting stronger every day. It’s the best possible outcome that we could have hoped for, and we understand how blessed we are for it.
