As you may know, June marked Men’s Health Month, a time dedicated to raising awareness about health issues predominantly affecting men and encouraging the early detection and treatment of disease among men and boys. Gentlemen, you already know that taking care of your health allows you to prolong your life and enhance your quality of life. But have you seriously considered how your health directly impacts your future? Your legacy? The ones you love the most?
What we’re talking about here is estate planning, a comprehensive process that involves the management and distribution of your assets during your lifetime and after your death. It’s every bit as important as your physical health. I know, I know, it could sound weird to equate health with estate planning, but hear me out. By the end of the article, the connection will be clear.
The Link Between Your Health and Estate Planning
Estate planning often brings to mind wills, trusts, and other legal paperwork, which may be what you initially thought when you read the title of this article. However, I want to challenge that assumption with this: the documents are merely the byproduct of estate planning.
Estate planning focuses on ensuring your wishes are honored if you become incapacitated so you can live and die with dignity, as well as protecting your legacy.
What about health? How does your health connect with estate planning?
Your health plays a significant role in shaping your preparations for the future in general and how you structure your estate plan in particular. While “health” can refer to emotional, health, and spiritual health, and all are important, we’ll focus on physical health here. .
Longevity and Retirement Savings. Your physical health directly impacts your lifespan, affecting how long your retirement savings need to last. For example, if you maintain good physical health, you’re likely to live longer (yay!) and will need a more extensive plan regarding your assets for your longer life.
Healthcare Decisions. Consider the potential need for long-term care. Alzheimer's or dementia could require long-term care solutions that you may or may not choose. Your estate plan is to ensure you’re financially covered for these possibilities and to make it clear how you want to be cared for if you cannot make decisions for yourself. There is a time when it’s too late for you to make your wishes known. By making these decisions now, you are taking control of your future health and care, and ensuring that your wishes are respected and followed.
This is why you need a healthcare power of attorney or a living will in your plan. A living will is a legal document that outlines your preferences for medical treatment if you are unable to make decisions for yourself. These documents designate the person (or people) you choose to make medical decisions on your behalf if you cannot. Your designated healthcare agent (or agents) only ensure that your healthcare preferences are respected and that your medical treatment aligns with your wishes. Without these documents placed, a judge (stranger) could appoint someone to act on your behalf. Maybe even someone you don’t trust or wouldn’t make making decisions for you. In a worst-case scenario, a judge could even appoint a professional conservator who could drain your estate financially.
Disability and Its Impact. Poor health can sometimes lead to disability, affecting your ability to manage your affairs. Including a disability clause in your estate plan ensures that your assets are managed according to your wishes, and you can oversee them personally. A disability clause is a provision in your estate plan that outlines how your affairs should be handled if you become incapacitated. A revocable living trust is helpful here, as it allows your chosen person or entity to manage your affairs without needing court intervention. Again, with a plan in place, a judge will make decisions for you that may differ from what you want.
Having gone through the potential consequences of not prioritizing your physical health and its direct link to your estate planning, let’s turn to practical steps you can take now to make sure you and your family don’t have to experience any negative consequences.
Practical Steps to Integrate Health and Estate Planning
Unless you’re already incapacitated and can’t make decisions for yourself, know that it’s not too late to take action. It’s not too early, either. Death and incapacity don’t discriminate based on age. When you face the facts and plan accordingly, you can live life more quickly, joyfully, and less stressed. Truly. By taking action now, you are being proactive and ensuring a better future for yourself and your loved ones.
So if you haven’t planned for the future, here are some practical steps you can take now:
Schedule Regular Check-Ups. It may seem obvious, but regular medical examinations are vital to help detect illnesses early and provide a clear picture of your health, which, as discussed above, is crucial for accurate estate planning. If you discover a new health condition, you can plan accordingly when you’ve caught it in time. If not, it could be to implement your plan place.
Update Your Estate Plan Regularly: As your health changes, so should your estate plan. Make it a habit to review and update regularly or whenever there is a significant change in your health. I can help you get your initial plan in place with a unique process I use called Life & Legacy Planning®, and I will always include a free review of your plan at least every three years. This ensures your plan works because it will be updated as your health, life, and assets are on time. Without updates, your plan will fail, sending your family to court and increasing the probability of conflict.
Discuss Your Plans Openly: Talk with your family about your healthcare wishes and how they relate to your estate plan. Taking this courageous, and maybe uncomfortable, step makes a big difference in decreasing the likelihood of conflict in your family. Discuss your preferences for end-of-life care, which can create conflict in your family if you haven’t clarified your wishes.
Consult A Professional Who Has Your Best Interests in Mind: I approach estate planning from a place of heart, always keeping your best interests, and by extension, your loved ones’ best interests, in mind. I help you get your plan in place but also help you keep your family out of court and conflict so your legacy is one of love and care. I can also help you navigate difficult discussions with your family about your wishes so you can feel confident knowing you’ve done all you can to preserve the family bonds.
How We Support You and Your Loved Ones
We recognize the integral connection between your physical health and estate planning needs. Our commitment goes beyond legal documentation; we ensure your life's work is served with dignity and clarity. By understanding the specific challenges and opportunities that arise from your health, we tailor estate plans that protect not only your assets but also your well-being and your family's future.
Take a proactive step toward safeguarding your legacy and enhancing your peace of mind. Contact us to learn how our Life & Legacy Planning® process can align your health priorities with your estate planning goals. Schedule a 15-minute consultation to discuss your next best steps.
Contact us today to get started.
This article is a service of Ralston Law, a Personal Family Lawyer® Firm. We don’t just draft documents; we ensure you make informed and empowered decisions about life and death, for yourself and the people you love. That's why we offer a Family Wealth Planning Session™, during which you will get more financially organized than you’ve ever been before and make all the best choices for the people you love.
The content is sourced from Personal Family Lawyer® for use by Personal Family Lawyer® firms, a source believed to be providing accurate information. This material was created for educational and informational purposes only and is not intended as ERISA, tax, legal, or investment advice. If you are seeking legal advice specific to your needs, such advice services must be obtained on your own separate from this educational material.