Estate Planning

What to do when entering hospice

By Linn Schulte-Sasse, Esq.

Below are some important estate planning steps to take when entering hospice:

1. Getting Legal Documents in Order

Some fundamental estate planning documents to consider creating or revisiting are listed below. Where feasible, it would be best to work with an estate planning attorney to ensure that these documents are properly drafted and executed so that they properly carry out your wishes and intentions.

Last Will and Testament: This directs how your assets will be distributed and names an executor.
Revocable Living Trust: Allows you to manage assets and set instructions for their transfer without probate. This is particularly advisable in states in which probate is expensive and/or time consuming, and/or if you have beneficiaries who would benefit from having their inheritance controlled in some fashion (whether because they’re a minor, mentally incapacitated, fiscally irresponsible, suffer from substance abuse issues, and/or other reasons).
Durable Power of Attorney for Finances: Designates someone to manage your personal financial and legal affairs during your lifetime.
Healthcare Power of Attorney/Advance Directive: Appoints a trusted person to make medical decisions if you cannot, and also ideally includes a living will that gives your healthcare power of attorney guidance as to your wishes regarding life-sustaining treatment, such as feeding tubes or ventilators.
Do Not Resuscitate (DNR) Order: Gives medical staff guidance as to what treatment you do or do not want (e.g., whether/when to restart your heart or use breathing machines).
HIPAA Release: Authorizes doctors to share your medical records with designated family members and/or other trusted agents.

2. Organizing and Gathering Important Information

Gather into a secure, accessible place important documents such as:

Personal Documents: Birth certificate, social security card, and marriage/divorce papers.
Property Documents: Real estate deeds, car titles, and insurance policies.
Financial Records: Bank, investment, and retirement account statements (or at minimum a list of those assets), life insurance policy information, and recent tax returns.
Debts and Liabilities: A list of mortgages, credit cards, loans, and monthly bills.

3. Review Beneficiary Designations

Beneficiary designations typically override a will. Check that beneficiary designations are up-to-date on life insurance policies, retirement accounts (such as IRAs and 401(k)s), and financial accounts where appropriate.

4. Address Digital Assets and Passwords

Create a list of digital assets, including user logins and passwords, and instruct a trusted person on how to access them.

Social Media: Create a plan to memorialize or close accounts.
Financial/Subscriptions: Create a plan for the administrator of your estate to access online banking, PayPal, Venmo, cryptocurrency, etc, as well as online subscriptions.
Digital Files: Create a plan for your loved ones to access photos and/or documents stored in the cloud or on physical electronic devices.
Physical Electronic Devices: Make a plan for you trusted loved ones to be able to access physical digital devices such as computers, cell phones, and tablets.
Email and/or Mobile Phone Login Credentials: Make sure that your trusted loved ones know where to find the login credentials for accessing your email accounts and device platforms such as Apple ID.

5. Plan for Specific Responsibilities

Guardianship for Minor Children: If applicable, formally designate a guardian for any minor children in your will.
Pet Care: Determine who will take care of pets and whether or not funds will be needed for their care.
Funeral/Burial Plans: Pre-arrange or write down your preferences for a funeral and/or memorial service, as well as disposition of remains.

Please note that it is important to consult professionals such as a licensed attorney and, where applicable, a CPA, when taking the above steps. Trying to engage in estate planning on your own can have serious tax or other legal/financial consequences. It is also important to ensure that your executor, financial and/or medical power of attorney, and trusted loved ones know where to find these documents.

Linn Schulte-Sasse

Sasse Law Office PC

3756 Grand Ave, Suite 302

Oakland, CA 94610

(510) 594-8483 (w)

(650) 281-5466 (c)

linn@sasselawoffice.com