Final Planning

It’s more than writing a will

By Deborah Jeanne Sergeant

 

Nobody gets off planet earth without dying, yet only 32% of Americans have a will, according to the 2025 Wills and Estate Planning Study by caring.com.

In addition to this important document, it’s vital to have additional plans in place not only in case of death, but also in case of a short-term or long-term incapacitation.

Suppose you become ill and spend a few weeks in the hospital? What happens then?

Randy L. Zeigler, certified financial planner and private wealth adviser for Ameriprise Financial Services, LLC in Oswego, wants people to keep their will, healthcare proxy and living will up-to-date to “legally express your wishes with your health care decisions and ultimate asset distributions after death,” he said. “Have a durable power of attorney arrangement in place with a trusted agent, to collect mail and pay your bills. Elder financial abuse is a major problem right now in our country, so a trusted, capable agent is critical.”

These legal instruments can both protect your assets and the wellbeing of those you leave behind as well as help ensure that your wishes are carried out.

Zeigler added that there’s a rise in credit theft from recently deceased individuals. To prevent this, ensure that your power of attorney will freeze your credit should you become incapacitated or deceased.

“People should also remember that when someone dies it is important to shut down their social media accounts, online banking services and other internet-based travel and website accounts like frequent flyer accounts and investment brokerage trading,” he said.

Record in hardcopy account numbers, IDs and passwords to these accounts and keep this with legal documents.

Mary Koenig, vice president of impact and mission integration at Loretto in Syracuse, encourages everyone to take these steps early. It’s also important to ask people if they want to serve in roles such as the healthcare proxy or power of attorney.

“Don’t have these financial decisions be ‘hush-hush,’” she said. “The earlier you start talking, the better. You should continue those conversations, as they’ll change over the years.”

If you designated your son-in-law as your healthcare proxy years ago and he and your daughter divorced, you would obviously need to talk with your family as to who should take that role and to legally change your information.

People who run a business should cross-train employees and create a contingency plan for when they cannot operate the business in both short-term and long-term scenarios.

“Thinking about it when it’s not happening is better than in a crisis,” Koenig said.

The softer side of final planning includes your personal effects of little monetary value but high sentimental value. Koenig encourages making a list of these items and who you would like to receive them.

“Organize pictures and share them,” she added.

If you’re close to when you want to downsize, offer home furnishings you no longer want to young adult grandchildren furnishing their first place. Or perhaps you have friends whose grandchildren need items. Donate items to a homeless or domestic violence shelter. List items for free through https://buynothingproject.org or on Facebook Marketplace.

If your plan is to remain in your home, begin building these features into your home any time you remodel. For example, make sure renovations meet ADA guidelines. Plan for a first-floor bedroom and full bathroom. These types of changes can help you stay in your home longer. Let your family know you want to age in place.

Who will care for your pets if you’re unable to? Ask friends and family members for their commitment and make sure that your healthcare proxy and power of attorney know who will step up to take on your pets. The same goes for watering your plants or picking up your mail. If you’ll be in the hospital a few weeks, who will stop by your house to take care of things?

In the event of your death, your loved ones will have dozens of decisions to make.

“One thing we encourage is for people to make any funeral arrangements,” Koenig said. “If they can pre-pay or even just make the arrangements.”

She has known people who even wrote their own obituary.

Overall, organizing your key information and getting all in one place will make things easier for your family. Many websites offer templates to download. Or you can make a binder of all the important information.

“If something happens to a loved one and they’re incapacitated and the family has to apply for Medicaid, the family has to go back in finances five years,” Koenig said. “Whatever you can do to stay organized and let people know where things are and what your thoughts are on what you want to happen, will help.

“Don’t be afraid to talk about final planning with other people. They will appreciate it and it’s an opportunity to connect and it will give them resources they need.”