Real-Life Estate Planning Blunder

Like most people, Andy and Debra,¹both aged 56, have been through hardships—Andy has been on disability for 10 years because of debilitating arthritis. But nothing shocked them quite like the moment when Debra, who had been able to work full time as a receptionist at a credit union, was diagnosed with a life-threatening medical condition.

A Life Lesson Learned
Today, Debra is doing well, but the couple has a new outlook on life. “It opened up our eyes,” Debra says. “You can’t take life for granted.” And when their daughter mentioned getting their estates in order, they knew the time to do it was now.

Taking the First Step
Andy and Debra met with estate planning attorney Johni Hays to review their plans. Andy had never had a will, and Debra’s will was from 1986 and terribly outdated.

Within one hour, however, the couple made good progress toward having a solid estate plan. “Johni made it pretty simple for us,” Debra explains. Together, they sat down and went over Andy and Debra’s family, assets, goals and needs.

Their Estate Plan

• Wills. The first order of business for Andy and Debra was to create up-to-date wills to direct how their assets should be distributed at their deaths. “We wanted to make sure both of our kids would be taken care of if something were to happen to us,” Debra explains.
• Powers of attorney. With their medical histories, Andy and Debra also needed to plan for themselves. With financial and health care powers of attorney, Andy and Debra can name individuals to make financial and health care decisions if they are unable.
• Living wills. Equally important, living wills express their desires for the removal of life-sustaining measures should they become unable to communicate their wishes.
• Beneficiary designation forms. Finally, Andy and Debra will ensure that their beneficiary designation forms on all life insurance and retirement plan assets are updated and directed appropriately.

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A Necessary Process
“I had never really thought about this,” Andy says, “but I think it’s something everybody should go through.” Today, Andy and Debra can rest easy knowing they’ve taken care of a crucial step in life’s journey.

As you review your estate plans, if you have included Lewis & Clark in your plans, please let us know so we can personally thank you. Simply contact Sharon Bosserman-Benson for the Undergraduate or the Graduate School at 503-768-7911, 800-753-9292, or plangivg@lclark.edu, or the Law School development office at 503-768-6901 or lawgive@lclark.edu

A Bequest Offers an Easy Way to Make a Gift
A gift in your will or trust, or a bequest, is one of the most popular ways to give to Lewis & Clark. That’s because it’s simple and flexible—you can change your mind at any time, should you need to. As you get your estate plans in order, we hope you’ll consider including a gift to us in your will or trust.

¹While based on a true story, the names have been changed.