Want to Leave a Legacy? Then Estate Planning Is a MUST

By Christ Church Communications Team
Natisha Matthews (Contributor)

Believe it or not, you have an estate. In fact, nearly everyone does. Your estate is comprised of everything you own—your car, home, other real estate, checking and savings accounts, investments, life insurance, furniture, personal possessions. No matter how large or how modest, everyone has an estate and something in common—you can’t take it with you when you die.

The mere words of estate planning sound intimidating and complex. Most people stay away from it like the plague. Individuals put off estate planning because they think they don’t own enough, they’re not old enough, they’re busy, they have plenty of time, they’re confused and don’t know who can help them, or they just don’t want to think about it. Then, when something happens to them, their families have to pick up the pieces.

What is estate planning? Simply, it’s having a Last Will and Testament that states where your stuff should go, who should care for your children, and who should be in charge to see your wishes carried out. It’s also having a Health Power of Attorney, which is a document that spells out your end-of-life wishes, and naming someone who can make medical decisions on your behalf. Lastly, it’s having a Finance Power of Attorney, which establishes who you trust to carry out financial tasks for you, and also manage insurance policies, taxes, and benefits. Dave Ramsey, author of The Total Money Makeover: A Proven Plan for Financial Fitness, recommends contacting an experienced attorney.

Natisha Matthews, an attorney that specializes in Trusts and Estates, recounted a story of an elderly mother and her two daughters who recently visited her office. As a widow, she wanted to put things in place just in case something would happen to her. She didn’t want to be caught without having any safeguards in place. After discussing the particulars of what would be involved in putting an estate plan together, they left Natisha’s office without agreeing to move forward. A few months past, and she didn’t hear anything from the women.

All of a sudden, she received a frantic call from one of the daughters, apologizing and stating that they dropped the ball, and now their mother was incapacitated in the hospital. The daughter mentioned that they are prohibited from making medical decisions on their mother’s behalf, and from accessing her bank accounts, and personal records. Natisha responded that her hands were tied and there was nothing that could be done without a signed power of attorney and the healthcare proxy.

A few days went by, and the woman’s medical condition became progressively better, and she was now able to speak and comprehend. The daughter immediately reached out to Natisha and asked if she would be willing to go to the hospital with the estate plan paperwork for their mother to sign.

Natisha recognizes that this is one of the success stories. Still, far too often, many families put off investing a few hundred dollars in having a basic estate plan—finding themselves stuck having no power to make any decisions. Natisha attests that the number one excuse is that people do not have enough time to dedicate to putting together an estate plan. The reality is that people find the time to plan for the things that they want, such as baby showers, birthdays, and anniversaries. According to Natisha, people just don’t want to talk about death and what will happen once they are gone. Natisha says, “if you’re interested in leaving a lasting legacy for your children’s children, having an estate plan is probably just as important as what you leave behind.”