Michelle Singletary, who writes a financial column for the Washington Post, often shares personal stories to spare others from making financial mistakes. In a recent column and interview on WBUR, she wrote about the importance of estate planning, and emphasized the need to “take action today.”
In the article, Ms. Singletary described how her mother was in a house fire and is in critical condition. When working with health professionals, Ms. Singletary and her sister are experiencing a lot of stress because her mother never prepared any Incapacity Planning documents indicating her wishes for medical care or life-prolonging procedures.
Ms. Singletary suggests executing Advance Medical Directives, a Financial Power of Attorney, and a letter of instructions, including a list of financial assets and information on how to access them, including on-line usernames and passwords. Ms. Singletary emphasized that it is important to meet with an attorney who knows about changes in the law and specific documents that must be signed. She said that “I’m a frugal person but this is not the time to be a penny pincher.”
According to Ms. Singletary, “If you care about those who will handle things for you in case you become incapacitated, help them now. Do it if you have dependent children or someone depending on you financially. Do it for the people you will leave behind.”
For more details on Incapacity Planning, read our recent blog post.
If you have not done Incapacity Planning, Estate Planning, or Long-Term Care Planning, or if you have a loved one who is nearing the need for long-term care or already receiving long-term care, please contact Farr Law Firm, P.C. as soon as possible at our Virginia Elder Law Fairfax office at 703-691-1888 or at our Virginia Elder Law Fredericksburg office at 540-479-1435 to schedule your appointment for an introductory consultation.
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About Evan H Farr, CELA, CAP
