Chapter 2

Critical Decisions Now: Financial, Legal and End-of-Life

The right legal documents help ensure your care and that of your loved ones. - Matt Rettick

Getting fit financially is rooted in being prepared. That means having financial wherewithal, and the right plans in place when you need them. It also means making sure you have the legal documentation necessary to carry out the plans you've put together.

One old gentleman meticulously planned every detail of distributing his assets. He even went to the trouble and expense of setting up an irrevocable trust to help ensure that his wishes were carried out and to cut down on his estate's tax liability, as well as speed up the distribution process after his death (more on that later). There was only one problem: After he died, it was discovered that he had forgotten to fill out the necessary documentation and paperwork to formally transfer any assets into the trust. This overlooked detail was of such significance that it torpedoed his entire plan.

Then there's the case of Terri Shiavo. Remember, she was the young Florida woman who had no living will and was kept alive via feeding tubes in an arguably vegetative state for years while her husband and her parents fought over what to do with her. Schiavo's husband claimed his wife never would have wanted to be kept alive through artificial means. Her parents took the opposite view. Shiavo's husband's side eventually prevailed, and Terri was disconnected from the feeding tube, and died, but not before an acrimonious, protracted battle. Terri Shiavo had never taken the time to fill out the documentation that would have made her wishes known and spared her family much heartache.

When Helen was diagnosed with a terminal illness, she talked to her daughter, Rachel, about having her body cremated after she died. The disposition of her mother's body was not something Rachel had thought about, and she never would have considered cremation an option. But Helen was very specific that cremation was her choice, so Rachel promised to make sure her mother's wishes were honored. Unfortunately, Helen never wrote down her wishes in the form of a funeral directive. When she died, her husband refused to believe that Helen had specifically requested to be cremated. A family battle ensued, and not until a sobbing and near-hysterical Rachel threatened to boycott the funeral of her beloved mother did the father finally give in. The emotional situation could have easily been avoided if only the right documentation – even if it's not legally binding – had been in place.

No matter the age, we all need to make sure we don't overlook putting down certain details in writing. Let's look more closely at a few of those pieces of paper that can make an enormous difference in the quality of life and death for ourselves and our loved ones.