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?
“No one likes to think about it but it’s important to have contingency plans and power of attorney,” said Jeff Feldman, Ph.D., and certified financial planner at Rochester Financial Services. “Have someone able to take money out of your account to pay bills for you. Meet with an attorney to have a POA, appoint a medical agent, and have your will updated. It’s all important.”
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. If you designated your nurse 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.
“You hope your kids get along so there’s no arguing who takes on what role and what responsibilities,” Feldman said. “There should not be reluctance on the part of an elderly person to discuss this with their children: assets, bills and what needs to get done if you’re incapacitated and what needs to happen when you pass away and what they can expect for an inheritance. There’s nothing wrong with talking with your loved ones about your finances. You can avoid a lot of conflict afterwards.”
He recommends naming one person to act as power of attorney and one for health care proxy, not a joint responsibility of all of the children, as that can lead to conflict.
“Make sure that you have the proper titling of your assets,” Feldman added. “IRAs need beneficiaries and non-IRA items can have beneficiaries to avoid probate. Look at all your investments so they have beneficiaries attached. Do some preplanning with titling things in both your names. Most houses are titled jointly. You can talk with an attorney about putting a house in trust or make it payable on death so it won’t go through probate.”
Having an estate go through probate can make financial information public and lengthens the process of distributing assets upon your death.
Record account numbers, IDs and passwords to these accounts as a hard copy and keep this with legal documents.
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 for a few weeks, who will stop by your house to take care of things?
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.
The “softer side” of final planning includes your personal effects of little monetary value but high sentimental value. Make a list of these items and who you would like to receive them.
If you’re close to when you want to downsize, offer home furnishings you no longer want to 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.
In the event of your death, your loved ones will have dozens of decisions to make.
“Obviously, it’s a stressful and mournful time,” said Greg Sullivan, funeral director at Thomas Funeral Chapels in Rochester. “They’re not only thinking about what their loved one wanted but they’re trying to make all of these decisions. They can have a blueprint in front of them.”
He said that most funeral directors will sit down with potential clients and help them understand all the decisions they can make in advance to ease their family’s burden of decision. Even if they don’t pre-pay for the funeral, this exercise can be helpful.
Planning can include funeral service details, burial or cremation, obituary wording, flowers and more.
“Jot it down in a journal and let someone know where it is,” Sullivan said. “A lot of people think Medicaid or Social Security or if they’re a veteran the Veterans Association pays for funerals. Then they sit down with me and learn there’s a couple hundred dollars and only a plot at the VA cemetery if you’re a veteran.”
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.