Estates Made Easy: Open your mind to appointing a decision maker
An author produced a podcast that likened his son to a Buddhist. The analogy stuck with me though I am not a Buddhist. My knowledge of Buddhism begins and ends in 1996 at Foellinger Auditorium in World Religions 101. Nevertheless, I will still opine that my youngest son may too be a Buddhist.
My son is a conflict-free - and perhaps conflict-proof - individual. Pandemic, no pandemic, he has no conflict with teachers, coaches, teammates, classmates. When needed, he can pivot quickly to provide a compromise or "plan B" to diffuse impasse or fisticuffs, the latter when his older brothers are involved. I find this remarkable. It is a quality I attribute to one of his greatest character traits, an open mind.
My son is just 9-years-old. In his life, fissures of conflict will abound. My hope is that his open mind will remain his compass and eventually his legacy.
An open mind is crucial when you begin to think about who can help you make decisions about your property when you can't make decisions for yourself. Most people cannot fathom a time or situation in which they are not making their own decisions. Others, due to age, experience or circumstance, know the time when decision making ability sunsets does in fact exist.
So, it is crucial that you open your mind to the possibility that you may not be able to make decisions for yourself. Data underscores the need for our conversation. According to a 2016 study of Illinoisians conducted by the Illinois Department of Health, one in five adults have a disability and, as you age, the likelihood of mental disability increases.
How do you avoid becoming a statistic? Think about the property you own and how you use it. For instance, you deposit checks, pay bills, manage your rental property, make decisions about retirement accounts, hire a snow removal company, pay taxes, sign tax returns, buy real estate, sell company interests. You do a lot more than you think you do. So, tomorrow if you could not perform these property-related tasks, who can help you?
It makes good sense to ask people you know, like and trust to help. Then make sure the person is willing to help you and is over 18-years-old, is a U.S. resident and does not have a legal incapacity. Perhaps your list of helpers is long and includes family and friends. If your list is short, speak to an estate planning attorney to find out how you can get someone in place to help you because there are options for you.
Once you know who you want to make decisions for you when you cannot make them for yourself, document it. Why? Because Illinois has a law that allows you to name someone to act for you when you are living and cannot act for yourself. How? By contacting an estate planning attorney.
If you open your mind to a discussion about who can help you make decisions about your property if you can't make decisions, you will avoid conflict amongst family, friends, and business partners. Not only can your decision be a great gift to those you love, your open mind may even leave you feeling like a Buddhist.
• Corinne Cantwell Heggie is a principal of the Wochner Law Firm LLC in Northbrook. Corinne helps people avoid asset loss, court battles and taxes, with wills, trusts and powers of attorney. Corinne lives in Glenview with her husband and law partner where her family is active in sports, ministries that support women and children in crisis, and Boy Scouts.