Terry Schiavo.  Her name alone conjures up many different emotional responses.  The Schiavo case sparked many heated debates about how medical decisions should be executed.  Regardless of your opinion on the Schiavo case, one clear lesson begs to be learned—we must take steps to ensure that our health care wishes will be honored if we become unable to make those decisions for ourselves. 

              Successful estate planning is a complex process.  Such complexity causes many of us to overlook the importance of completing the steps now—while we are able and of sound judgment.  Planning for a health care crisis is certainly not pleasant business, however, it is vital in order to ensure that our health care wishes, not someone else’s, will be honored.

              In order to successfully complete all these facets to the estate plan, it is pivotal to assemble a team where each member is highly qualified to fulfill one or more of these fundamental elements of the estate plan.  Each member plays a fundamental role in the development of the estate plan and works to satisfy the client’s needs and goals for the future.   

             Like any top-rated sporting team with qualified coaches, a successful estate planning team is also led by a talented Estate Planning Attorney.  As the lead advisor, the attorney “coaches” the team members through the entire estate planning process while always keeping the client at the helm.  The accomplished team of professionals includes a life insurance underwriter, a CPA, a financial planner, medical professionals, social workers, and the clients’ relatives.  The expertise of each team member is needed in order for the estate plan to function at its best.

              The critical foundation of any estate planning team is that the members must be able to put aside all personal agendas in order to focus on the needs of the client.  In other words, any team member must be able to focus solely on the benefit of the client, not what action will make that team member the most money.  If financial gain becomes the bottom line for any member on the estate planning team, perhaps this is not the best professional for your particular needs. 

              Crucial elements to a successful estate plan include a living will, healthcare power of attorney, HIPAA authorization, and organ donor authorization.  Estate planning covers many other areas such as wills, trusts, insurance, accounting, estate and gift taxes, asset protection, charitable giving, as well as many others. 

Over the next few weeks, we will look at who should be a part of the estate planning team and what that professional’s role in the project should be.  Such knowledge can be invaluable as you begin the process of creating your own estate planning alliance, always keeping yourself at the helm of this multi-faceted team.