My life changed in an instant in 2009 when my husband, Seth, was in an automobile accident, which left him incapacitated with a traumatic brain injury. This life-altering experience led me to start the 820 Foundation as a way to educate, inspire, and empower individuals to see end-of-life planning as a part of life. My hope is to use this tragedy to help others avoid the pitfalls of putting emergency planning on the back burner.
Tory’s Testimony:
After the recent death of a close cousin of mine, it got me thinking about life and how quickly it can be taken from us. He was 39 years old and was killed in a motorcycle accident. He left his wife and daughter, along with many others to grieve his passing. Not only was his wife overwhelmed with the loss of her husband, but all the things that he had taken care of financially were now her responsibility and knowing where to even begin was a nightmare in itself.
This got me thinking about my own assets and what would happen to my children if I were to suddenly pass away. As a single mother in 2009, I had decided to speak with an attorney and have a last will drawn up. The paperwork and documents were filed and I felt secure that my son would be well taken care of if I were to pass away. Fast forward 16 years later, I have been married, divorced, and now happily remarried. I also have not one child, but four children who are biologically mine and fully depend on me and my husband. The original Will I had drawn up had no mention of the additional three children I now have. While my husband is very much the secure father figure in their lives, he is not, however, the biological father of my children. Therefore, legally, things could get messy in regards to who would care for my children if I were to pass away suddenly. It was time to update my will.
Not knowing quite where to begin, I visited the 820Foundation.org website, hoping for some guidance. Not only is the website informative on drawing up a last will and testament, but it goes even farther than I had thought about, with information on the importance of also having an Advanced Healthcare Directive, as well as a Durable Power of Attorney. There are so many things that come up with end-of-life planning that I had never thought about until visiting the website. I appreciate how informative the 820 Foundation is, and especially having all the important resources right there for you.
We never know what could happen to forever change our future life, or how many moments we have left here on earth. When my time comes, I want to have all end-of-life decisions made and planned out so that my family can grieve and not be burdened with those things. Suppose my family is presented with some very difficult end-of-life decisions regarding me. In that case, I like to think that by making my wishes known ahead of time, in the moment, it would make those decisions slightly less difficult to carry out.
What Documents You Should Have at Each Life Stage
When you turn 18
Becoming an official adult comes with a lot of celebration and change, and the last thing you want to think about is the worst-case scenario. However, once you become legally responsible for yourself, the power of attorney and medical power of attorney shift from your parents or legal guardians. In the event of an emergency, without the proper legal and medical directives, your loved ones may not be able to make decisions based on your care and/or affairs. It’s a good idea to have at least a basic medical and legal directive, and a named power of attorney before venturing out into the big, wide world!
When you get married
This is an important time to sit down with your partner and make sure you’re both aware of each other’s emergency plans. It’s also a great time to start thinking about drafting official Wills and Last Testament documents. If you ever need to execute an emergency plan, it’s best to have everything written out in legal and medical documents so that there are no complications.
Every decade
You change so much throughout your life, so an emergency plan and documents written in your 20s may not be as applicable in your 30s and 40s. That’s why it’s a good idea to review your emergency plans and documentation every decade, if not sooner, based on life events.
When you buy a house
Adding assets and large purchases to your financial portfolio signals another good time to review your legal, medical, and financial documents to make sure that all your assets are accounted for.
When you have a baby
Adding a new addition to your family is a wonderful and exciting time in your life! But it’s also a good reminder to have an emergency plan in place to protect your children and loved ones in case something happens. If you already have documents like a Will and Last Testament, a medical directive, and a legal directive, this is a good time to meet with your attorney or legal representative to discuss guardianship options and directives for your children. And if you have children who require specialized care or have special needs, it is important to look into a Special Needs Trust (also known as a Supplemental Needs Trust) to protect you and your children.
When you have an empty nest
As you age and your life circumstances change, it’s a great time to review and revise your legal, medical and financial documents in the event of an emergency! As your children are now adults themselves, it’s also a great time to chat with them about having their own emergency plans and documents. It’s a good time to review who is listed as your executors, trustees, and guardians.
If you receive an inheritance
Any big changes to your financial assets are a good chance to review your documentation and review some important questions. What are your wishes for your assets? Are your executors aware of the changes to your wishes? Should assets be divided differently now? Make sure your plan is updated and your executors are up to speed on your revised plans.
When there are changes to your health
After any health or medical changes, it’s important to make sure that your medical directives and wishes include any new care needs or plans. Make sure your legal and medical powers of attorney are aware of any new changes to your health and medical care plans so they can honor your wishes in the event of an emergency.
When you retire
Like all the big changes in your life, this is a good time to sit down and review your emergency plan with your loved ones and executors. Is your medical directive up-to-date and inclusive of all your medical changes? Do your powers of attorney and executors know your updated wishes? Do they know where your documents and legal representatives are? It’s always good to keep your loved ones and executors as informed as possible in case of an emergency.
After a divorce or the passing of your partner
Losing a partner is a difficult time, especially to think about any legal issues. But preparedness pays off in droves and makes the process easier if you have clear documents ready to go. Additionally, it’s a good time to review your own legal, medical, and financial documents to ensure that you have up-to-date information and can change your executor, if necessary.
We are not providing legal advice. All estate planning varies from state to state. Please seek an attorney in your state for specific information and details.