Case Study: Legal Planning

Mary Ann Kellam knows a will — which she has — isn’t enough. But what else does she need?

by: Maureen West, from: AARP VIVA, Fall 2011

En español | Financial planner Mary Ann Kellam, 56, has her financial house in order for retirement, but her experience with her father's and mother's last days have her wondering if the same can be said for her own legal planning.

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With her five sisters, she helped her mother in her struggle with Alzheimer's disease. Their father died more suddenly at age 89. The family, of Spanish ancestry, is close, but Kellam learned during that time that a simple last will and testament is hardly enough.

She takes care of her health and her mind — she solves crossword puzzles and makes jewelry to keep sharp. She's completed a will and wants to prepare an advance directive for medical decisions.

Perhaps, like those who choose their clothes in the morning thinking they might be seen later in an emergency room, she'd like the comfort of knowing all her legal i's are fully dotted. She'd like a list of documents that will make it easier toward the end, not only on herself but on her husband and only son.

Her five sisters say they would help in her old age, but there's an 18-year span among them, with four sisters who are older and only one younger.

You may also like: 10 things you should know about writing a will.

Expert Advice

Stephanie Townsend Allala
Estate planning attorney
El Paso, TX

Stephanie Townsend Allala tells Mary Ann there are five legal documents that will button things up:

1. An updated will

2. A living will, also called an advanced healthcare directive, to spell out the life-extending treatments you want to receive or refuse.

3. A medical power of attorney designating someone else to make decisions if you can't speak for yourself. In Mary Ann's case, that would be her husband, with her son as the alternate.

4. A durable power of attorney for finances identifying the person responsible for handling your financial matters if you are not able to do so yourself.

5. A declaration of guardian. If your power of attorney fails and a court gets involved, then you can name whom you would like the court to appoint as your guardian.

You can find these documents online, but Allala recommends instead going to a professional estate-planning attorney and getting all five set up at the same time. She estimates that it would cost $800 to $3,000, depending on where you live. And, Allala says, don't forget to look at your legal documents once a year to keep them up to date.

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