Planning for the Inevitable

During the first eighteen years of my life, I lived in Rockville, Maryland, with my family. After living in Delaware for some time, I returned to the area with my fiancée. Regardless of where I live, I have always maintained close emotional ties with my parents. My dad has engaged in life planning all his life, not only for himself but also constantly planning for his family. I vividly recall how excited he was after the Taxpayer Relief Act of 1997 was signed into law, and he opened a custodial Roth IRA on my behalf that I could contribute to (yes, I was working back then).

During a recent conversation, my dad informed me that he had purchased a cemetery plot for himself and my mom. My parents are in good health and hope to live a long time. Nevertheless, the purchase made sense to my dad, given the lesson he learned from his father many years ago about the importance of having a plan in place, especially during unexpected or challenging times when it could be tough to think clearly and make critical decisions. This sense of security that comes with life planning is something we all can benefit from.

This got me thinking. What is another example of life planning we could do now to make it easier for our friends and family? Consider creating an advance directive. This action could provide an opportunity to designate someone you trust to make medical decisions on your behalf if you cannot. The person you designate can be a spouse, family member, or friend. Having an advocate on your side can be helpful if you suddenly have an accident or an extended illness. You could also stipulate your preferences in case of a terminal condition or during end-of-life care. This process of creating an advance directive empowers you to take control of your future and ensure your wishes are respected. Furthermore, your loved ones could appreciate having a document that reflects your needs and preferences to help with tough decisions during a challenging time. If you do not have an advance directive and cannot make medical decisions independently, state laws where you live will determine who can make medical decisions on your behalf.

I have been actively discussing what this process could look like with my fiancée. I joke with her about this being my version of wedding planning because, as my father has always taught me, it makes sense to keep planning for life throughout your life. On that note, you can prepare an advance directive on your own. If you want to start this process, I have included two links (one for Maryland and the other for Virginia residents) so you can read more about advance directives. You will also find forms and instructions to get started. It's important to discuss your wants and preferences with an attorney to ensure everything fits into your estate plan. This guidance will ensure that your advance directive is comprehensive and legally sound.

MD: https://www.marylandattorneygeneral.gov/Pages/HealthPolicy/advancedirectives.aspx

VA: https://vsb.org/SLC/Site/news/healthcare-decisions.aspx 

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