You have will. Congratulations on checking that off the list! Guess what? If you’re reading this, it’s not enough…especially if you prefer not to be remembered for leaving your family with a scavenger hunt when you’re gone. Along with your executor, your family needs to know whom to contact, where all your important information is stored, and how to gain access.
Despite not being an attorney, I came to realize there are many duties related to estate administration that don’t require the skills of a lawyer. Certainly, you need to have legal advice to write and/or revise your will and estate plan. That’s true whether done through a personal attorney or a trusted on-line source. It is not necessary, however, to engage a lawyer to perform the hundreds of labor-intensive tasks that fall outside and far below their licensure. Executors spend many unproductive hours spent on hold. They get bounced around between courts, insurers, banks, county offices, and countless bureaucracies. Unless your estate has money to burn, you don’t want to leave those tasks to an attorney. In some markets, legal fees can run over $750/hour.
The rapidly shifting demographic landscape will almost certainly increase estate administration costs, constrict access, and delay the response times of industry professionals. The shift isn’t predicted. It’s already here. Consider:
The Silver Tsunami: By 2050, roughly 25% of the US population will be older than age 64. That translates to nearly 82 million people, up from today’s 58 million – an increase of 24 million individuals, a 41% jump.
Shortage of Estate Professionals: The number of estate attorneys, paralegals, and elder care experts isn’t keeping up with demand given the rapidly aging population. Today’s law school graduates appear to prefer such practice areas as Mergers/Acquisitions, Corporate Counsel roles, and Litigation. Fewer attorneys are entering into estate and elder law than ever before. Additionally, waves of experienced professionals are retiring at a rapid rate in line with the Silver Tsunami.
The impact of this shortage is not only reducing the number of knowledgeable resources. It will also likely reduce the quality of services, add to waiting times, and increase the hourly rates of professionals.
Increasing Healthcare Needs: As we age, we tend to consume more healthcare services. Most seniors need assistance navigating the complexities of Medicare and the broader healthcare system (especially confusing bills), and how/when/if to prepare for long-term care. This strain on families and executors will amplify the need for advanced preparation, organization, and guidance.
Don’t make the mistake of thinking that a will is all you need. A will merely provides an operating framework for those you leave behind. Someone (aka an “executor”) must adhere to the framework and follow-through on the details.
Five years ago, my brother named me as his executor and trustee. Despite having the professional guidance of attorneys, financial advisors, and accountants, there was still an enormous to-do list that fell on my shoulders: Selling property, paying dozens of creditors, closing accounts, collecting rent, finding passwords and files, de-cluttering the house, remitting estate taxes, and conducting an estate sale are just a few tasks that come to mind. Closing email, on-line storage, and social media accounts are a particular challenge. There are a litany of tasks that few of us think about in advance.
Roughly 2,000 hours and two years later, I can look back and see everything that was done. Much of it was never anticipated. The workload equated to 20 additional hours a week on top of a full-time job. It’s not realistic to set the expectation with your executor that their work might require entail hundreds or thousands of hours of work. That’s a lot to ask of anyone, if they’re still managing their career, raising a family, or caring for parents. Not many people have that kind of time. Westwood Solutions can relieve much of that burden and reduce the expense of estate management.
By answering a few questions, we’ll work with you and your executor to develop a customized task list for your estate. We also provide tools to track progress, create a logical division of labor, and organize information to be stored and shared securely.
Whether working with your team of existing professionals or by identifying other trusted sources, we’ll mutually identify the tasks to ensure your executor has a plan they can easily manage.
In addition to estate organization services, I am credentialed as a board-certified patient & healthcare advocate (BCPA) and am recognized as a Fellow in the American College of Health Data Management (FACHDM). These qualifications enable me to help you navigate the healthcare system and safely share your healthcare data with those you deem necessary.
It’s my goal to help you and/or your executor organize your information now and eliminate the scavenger hunt that almost always happens during estate administration. If something were to happen tomorrow, how prepared are your family and/or executor to manage your home, possessions, online accounts, assets, liabilities, and finances? It’s so simple to ensure your memory by doing a little proactive planning. We’d be honored to help.
Westwood Solutions 