When October Goes…
by Dennison Keller
When famed Oscar- and Grammy-winning composer and lyricist Johnny Mercer died in 1976, his widow, Ginger, found a stack of his unfinished business – a pile of his poems and lyrics that had never been set to music. She forwarded them to singer-songwriter Barry Manilow, who pulled one from the heap, sat at the piano, and created “When October Goes,” a beautiful and haunting melody of reflection, the passage of time, and love lost.
Perhaps it’s fitting, then, that October marks National Estate Planning Month. While certainly not as romantic as a Johnny Mercer or Barry Manilow tune, estate planning also hits on the themes of reflection, the passage of time, and taking care of those we love.
Estate Planning is an umbrella term that encompasses documents such as a will, trust, financial power of attorney, health care power of attorney, living will, and beneficiary designation forms.
Estate Planning Is About More Than Death
One of the biggest misconceptions about estate planning is that it is only about what happens after we die. It isn’t. A good estate plan also addresses what happens while we are alive but unable to make decisions for ourselves.
Who can make financial decisions for you if you cannot?
Who can speak with doctors and make healthcare decisions if you are unable to communicate?
Who will care for a spouse, child, or loved one who depends on you?
What happens to your business?
Who should receive your assets?
And perhaps most importantly, have you made your wishes clear enough that the people you love won’t have to guess?
Estate planning is not simply about dividing up what we leave behind. It is about protecting the people and things that matter to us while we are here.
Don’t Wait for the Perfect Time
There will always be a reason to put off estate planning. We’re busy. We’re healthy. Our children are doing well. We don’t have enough assets to worry about. We’ll do it next year.
But the truth is, none of us knows when circumstances will change. Just in the past year, I have personally witnessed a friend suffer a massive brain bleed, a family member get diagnosed with an aggressive form of leukemia, and yet another die following a tumble down a set of stairs. All were perfectly healthy before the crisis hit. And that is to say nothing of the heartbreaking circumstances we see in our practice on a daily basis.
Your Unfinished Business
In a sense, Johnny Mercer was lucky. He had his wife and Barry Manilow to pick up the pieces of his unfinished business, giving life and song to words he would never see or hear. Most of us aren’t as fortunate. What are we leaving unfinished? The last lyrics to Mercer’s song lament the fact, “I hate to see October go…..” You may too, if you don’t take the opportunity this month to finish off your business and give your family the gift of planning.
