The Sabbatical Sentinel
and
Tired-Again Times
SURPRISING QUOTE
"I am an atom of intellect with millions of solar systems over my head, under my feet, on my right hand, on my left, before me, and my adoration of the intelligence that contrived and the power that rules the stupendous fabric is too profound to believe them capable of anything unjust or cruel."
—John Adams
A year ago, this Newsletter was filled with information about the then still new Coronavirus and the threatening pandemic. We hope you and your loved ones have been safe and healthy, and have now received at least your first (or perhaps only) vaccine shot.
Three months ago, this Newsletter featured The Five Essential Legal Documents That Everyone Should Have. As announced in the Cover Letter for the emailed Newsletter, you can now read every Newsletter on Bill's Blog by clicking The Sabbatical Sentinel and Tired-Again Times under the Categories in the upper left-hand corner of the page. [For those receiving the printed Newsletter, the URL is https://stgregoryschurch.typepad.com/stblogorys/.]
CPG has another version, titled "Five Important Legal Documents to Consider," which may reinforce, or remind, or feel more accessible than, the other one; it's been formatted for this Newsletter:
Caring for others in times of crisis plays a significant part in the lives of Episcopal clergy and lay employees. Yet, even with the frequent exposure to critical situations, many of us are unprepared for facing the same realities. Aside from resources for spiritual and emotional support, we all should consider working with an experienced attorney to create certain legal documents in anticipation of disability and death.
One of the most difficult scenarios faced by trusts and estates attorneys is when clients wait too late to draft or modify important documents. In some cases, there is a valid will that does not reflect the wishes of the deceased, because documents prepared long ago no longer reflect the current situation. These scenarios cause undue stress that often can be avoided with some prior planning.
Here is a checklist of five documents that everyone should discuss with their attorney and, once the documents are prepared, have them ready and in a safe place that is known by responsible persons whom they designate:
1) A will: This is the document that, when properly prepared and signed by all of the necessary parties in accordance with the rules of the applicable state, will distribute property or funds in accordance with the final wishes of the deceased. A will also appoints an executor who is responsible for gathering into the estate any outstanding assets and paying off debts before distributing funds to the appointed beneficiaries.
If you die without a valid will, your estate will pass through the laws of intestacy of the state of in which you lived. Each state has its own default rules to distribute your property. This process can not only take a long time, but more importantly, it will not honor any specific wishes.
If you have a will and move to another state, the will may likely be probated under the laws of your last state of residence. The results may not match your wishes.
2) A general durable power of attorney: This document allows the person of your choosing to act in your place in taking care of financial matters. Each state has its own rules on how this process works.
The term "durable" refers to the fact that the power does not automatically end when the principal loses mental capacity. A skilled attorney will be able to draft modifications to the power of attorney to meet your needs, and help you to think through the entire process as every situation is different.
3) A health care proxy or power of attorney for health care is a document that is often prepared along with your general durable power of attorney and appoints a representative of your choosing to make decisions on your behalf or to convey your wishes about health care when you are unable to do so for yourself.
4) A HIPAA Release Form is a document that gives authority to your personal representative to order, review, and request the release of your health care information. The other documents mentioned in this article may not give your representative sufficient authority to have access to your health care information.
5) A designation of agent to control disposition of remains puts your plans in writing and appoints a person to claim and dispose of your remains. File this along with any specific funeral plans.
In addition to these five documents, gather complete documentation of any bank, investment, or retirement accounts' beneficiary designations, as well as any disability, long-term care, or life insurance policies in force.
In general, financial institutions taking care of your resources are not obliged to notify beneficiaries of a death or eventual benefit for them. Every year, hard-earned money and resources are left on the table simply because beneficiaries did not know they existed.
While you are organizing these documents, order current copies from each institution to check that the designations are correct and put them into your file. The new report will have a recent date and the endorsement of the institution on it, further cementing your wishes firmly. Some clients may rely on their copy of a signed form, which may or may not match the institution's records.
Finally, as you organize all these records, include any deeds to property, title to vehicles, and any other inventories.
In addition to making specific gifts of objects in a will, consider leaving a letter of personal instruction to your executor in this folder. This is not binding on the executor in the way, but it may help clarify and convey your wishes in a non-legal way.
Where should you store these documents?
Electronic copies should be stored online and in a portable digital drive that can be accessed by your agents.
The original copies must be kept in a safe place, especially your will.
Contrary to common wisdom, a safe deposit box can be amongst the least helpful storage choices, because report of a death automatically triggers a freeze on its access, since the law considers the box as an asset of the deceased even if it is jointly owned.
Instead, put these documents in an easily accessible, clearly marked place in your home, where agents can gain easy access.
Also, carry a card in your wallet with a list of all of your agents and their contact information, as well as any pertinent medical information.
This article is for informational purposes only and is not intended as tax, financial, legal or other advice. Your personal decisions should be based on the recommendations of your own professional advisors.
Thomas K. Chu is a trusts and estates attorney practicing in New York. Prior to establishing his practice, he served on the staffs of three Presiding Bishops in educational and faith formation ministries from 1989–2008.
We appreciate that the last article may have been a hard if important read, so we're adding an extra page to this Newsletter to provide some less intense, and even some light and amusing fare.
WHAT BEARS CAN TEACH US ABOUT OUR EXERCISE HABITS:
Scientists have found that grizzlies, like people, seem to choose the path of least resistance.
By Gretchen Reynolds
To read the entire article, please click here.
Grizzly bears move across landscapes in much the same way as most people do, favoring flat paths over slopes and gentle speeds over sprints, according to a remarkable new study of grizzlies and how their outdoor lives compare to ours.
The study, which involved wild and captive bears, a specialized treadmill, apple slices and GPS trackers, expands our understanding of how a natural drive to save energy shapes animals' behavior, including ours, and could have implications for health and weight management. The findings also help explain why, in the great outdoors, the paths of bears and people so often intersect, providing useful reminders about wilderness planning and everyone's safety. . . .
Taken as a whole, the findings suggest that the innate urge to avoid exertion plays a greater role in how all creatures, great and small, typically behave and navigate than we might imagine.
CAN EXERCISE MAKE YOU MORE CREATIVE?
By Gretchen Reynolds
To read the entire article, please click here.
If you often exercise, there's a good chance you also tend to be more creative, according to an interesting new study of the links between physical activity and imagination. It finds that active people come up with more and better ideas during tests of their inventiveness than people who are relatively sedentary, and suggests that if we wish to be more innovative, we might also want to be movers and shakers.
Science already offers plenty of evidence that physical activity influences how we think. Many studies in people and animals show that our brains change in response to physical activity, in part because during exercise we marinate our brains with extra blood, oxygen and nutrients. In rodent studies, animals that regularly exercise produce far more new brain cells than their sedentary counterparts and perform better on thinking tests, even if they are elderly. In people, too, exercise tends to sharpen our abilities to reason and remember and buoys our moods.
HOW EXERCISE ENHANCES AGING BRAINS
By Gretchen Reynolds
To read the article, please click here.
BRISK WALKING IS GOOD FOR THE AGING BRAIN
By Gretchen Reynolds
To read the article, please click here.
THE STANDING 7-MINUTE WORK-OUT
By Tara Parker-Pope
To read the article, please click here.
MATURE RED-BELLIED LEMUR SEEKS SOUL MATE FOR CUDDLES AND GROOMING
By Sabrina Imbler.
To read
the entire article,
please click here.
. . . the staff at the Duke Lemur Center has a clear mission for all of the geriatric lemurs. "Our goal is that no lemurs live alone. It's totally unnatural and not good for their well-being." So keepers have to get creative and play matchmaker to find suitable company for their elderly wards.
When lemurs grow old, their movements become slower and stiffer. They wobble on branches they could once grip with ease. . . . So the best companion for a geriatric lemur is another geriatric lemur.