June marked Men’s Health Month, a time dedicated to raising awareness about health issues predominantly affecting men and encouraging the early detection and treatment of disease among men and boys. So, let’s turn the focus to you, gentlemen. You already know that taking care of your health allows you to prolong your life and enhance your quality of life. But have you seriously considered how your health directly impacts your future? Your legacy? The ones you love the most?
What we’re talking about here is estate planning, and it’s every bit as important as your physical health. I know, I know, it could sound weird to equate health with estate planning, but hear me out. By the end of the article, the connection will be clear.
Estate planning often brings to mind wills, trusts, and other legal paperwork, and that’s maybe what you initially thought when you read the title of this article. However, I want to challenge that assumption with this: the documents are merely the byproduct of estate planning.
You may be thinking, How are documents the “byproduct” of estate planning? Here’s what I mean.
Estate planning is all about ensuring your wishes are honored if you become incapacitated so you can live and die with dignity. It’s also about ensuring that the people you love most will know you loved them, that they’re cared for when you’re gone in a way you cared for them while you lived, and that you’ve removed all the pain, potential conflict, and expense they will have to endure if you have no plan in place. Estate planning supports your loved ones to grieve in peace rather than face a long, expensive court process or confusion regarding how to find your assets or understand what to do when you are gone.
Estate planning is also about leaving a legacy. Contrary to what you may think, that legacy is not only related to money and is reserved for the wealthy and philanthropic; it is about the mark you make on those you hold most dear. It’s about defining your humanity and what you stand for. Putting your affairs in order now so your loved ones don’t have to deal with a mess later is a legacy, too. Making it clear that you loved your family is a legacy.
What about health? How does your health connect with estate planning?
Your health plays a significant role in shaping your preparations for the future and how you structure your estate plan. First, while “health” can refer to mental, emotional, and spiritual health, and all are important, we’ll focus on physical health here.
So, let’s look at the link between your physical health and estate planning. You’ll see that prioritizing your physical health allows you to enjoy life more easily and avoid complications in your estate planning.
Longevity and Retirement Savings. Your physical health directly impacts your lifespan, affecting how long your retirement savings need to last. If you maintain good physical health, you’ll likely live longer (yay!) and need a more extensive plan regarding your assets for your extended life.
Healthcare Decisions. Consider the potential need for long-term care. Alzheimer’s or dementia could require long-term care solutions that you may or may not choose. In your estate plan, it’s crucial to ensure you’re financially covered for these possibilities and to clarify how you want to be cared for if you cannot make decisions. There comes a time when it’s too late for you to make your wishes known, and given that you are reading this…now is the time to document what you would choose if you could not.
This is why you need a healthcare power of attorney or a living will in your plan. These documents designate the person (or people) you choose to make medical decisions on your behalf if you cannot. Your designated healthcare agent (or agents) will ensure that your healthcare preferences are respected and align your medical treatment with your wishes. Without these documents, a judge (i.e., a stranger) could appoint someone to act on your behalf. Maybe even someone you don’t trust or wouldn’t want to make decisions for you. Or, in a worst-case scenario, a judge could even appoint a professional conservator who could drain your estate financially.
Disability and Its Impact. Poor health can sometimes lead to disability, affecting your ability to manage your affairs. Including a disability clause in your estate plan ensures that your assets are managed according to your wishes, even if you cannot oversee them personally. A revocable living trust can be beneficial here, as it allows your chosen person or entity to manage your affairs without needing court intervention. Again, without a plan, a judge will make decisions for you, and those decisions may not be what you want.
Having gone through the potential consequences of not prioritizing your physical health and its direct link to your estate planning, let’s turn to practical steps you can take now to make sure you and your family don’t have to experience any negative consequences.
Unless you’re already incapacitated and can’t make decisions for yourself, know that it’s not too late to take action. It’s not too early, either. Death and incapacity don’t discriminate based on age. When you face that fact and then plan accordingly, you can live life with ease, joy, and less stress. Truly.
So, if you haven’t planned for the future, here are some practical steps you can take now:
Schedule Regular Check-Ups. It may seem obvious, but regular medical examinations are vital. They help detect illnesses early and provide a clear picture of your health, which, as we’ve discussed above, is crucial for accurate estate planning. If you discover a new health condition, you can plan accordingly when you’ve caught it in time. If not, it could be too late to implement your plan.
Update Your Estate Plan Regularly: As your health changes, so should your estate plan. Make it a habit to review and update your plan regularly or whenever there is a significant change in your health. As a Personal Family Lawyer®, I can not only help you get your initial plan in place, but with a unique process I use called Life & Legacy Planning®, I will always include a free review of your plan at least every three years. This ensures your plan works because it will be updated as your health, life, and assets change over time. Without updates, your plan will fail, sending your family to court and increasing the probability of conflict.
Discuss Your Plans Openly: Talk with your family about your healthcare wishes and how they relate to your estate plan. This courageous, and maybe uncomfortable, step can make a big difference in decreasing the likelihood of conflict in your family. Discuss your preferences for end-of-life care, which can create conflict in your family if you haven’t clarified your wishes.
Consult A Professional Who Has Your Best Interests in Mind: I approach estate planning from a place of heart, always keeping your best interests, and by extension, your loved ones’ best interests, in mind. I will help you get your plan in place and help you keep your family out of court and conflict so your legacy is one of love and care. I can also help you navigate difficult discussions with your family about your wishes so you can feel confident knowing you’ve done all you can to preserve the family bonds.
As a Personal Family Lawyer® Firm, we recognize the integral connection between your physical health and estate planning needs. Our commitment goes beyond mere legal documentation; we aim to preserve your life’s work and values with dignity and clarity. By understanding the specific challenges and opportunities arising from your health, we tailor estate plans that protect your assets, well-being, and family’s future.
This year, take a proactive step toward safeguarding your legacy and enhancing your peace of mind. Contact us to learn how our Life & Legacy Planning® process can align your health priorities with your estate planning goals. Book a 15-minute conversation to discuss your next best steps.
(By Appointment Only)
14425 Falcon Head Blvd
Bldg E-100
Austin, TX 78738
