FOR THE BROTHAS: CULTURE AND INTELLECTUALISM: March 2015

HOW TO GO OUT IN STYLE?

ANSWERS TO A SINGLE MAN’S QUESTIONS ABOUT MANAGING HIS ESTATE

Every single mature man has thought about the possibility of his death and has considered what will happen to his belongings at that time. Whether you are a wealthy man with property, stocks and extensive financial and material assets or whether you are like many men with only a few precious assets this debate should be happening. If you are at least in your mid-thirties and up and especially if you are forty or older it is time to make your first will or trust.

There are many reasons why a single mature man needs to look ahead to make plans to manage his care when he becomes ill or to manage his assets at his time of death. As if in ironic contrast to the extended life span of twenty-first century humans the trend has been that many men are dying earlier than ever before due to unexpected health issues. The lightning fast economy in which we live can potentially devastate a man’s assets in less than a months time if he is not well enough to manage them properly. In today’s socially disconnected society the roles of stewardship formerly assumed by a man’s beloved family are no longer set in place. When a bachelor of advanced years becomes ill it may easily be assumed that he may no longer have any family members alive to care for him. Furthermore, there may not be anyone close who is responsible enough to manage his health or financial affairs after he has died. Many single men become overly self-sufficient to a fault, having no plan “B” to fall back on in times of crisis.

There are economical ways to manage one’s health and estate in times of crisis. A more permanent method for dealing with ones asset’s after they have died is by composing a will. A savvier method of managing ones assets while alive extending after one has died would be the establishment of a trust. As with all legal arrangements there will be some cost involved in the creation of a sound will or trust but it is well worth it considering the many frivolous things we expend our financial resources on during our lifetime.

A will is a legal document that outlines how the deceased desires their assets to be distributed after death; it may include instructions regarding the administration of power of attorney in the event the grantor becomes too sick to manage their affairs. One thing every single man should know about a will is that it can be legally contested in a court of law meaning that it might be possible for a relative to maliciously dismantle the well-intended offerings of a man’s last will and testament.

A smarter solution to the management of ones living and dying provisions would be the establishment of a trust. A trust is nothing more than a legal entity, like a business, created to manage a person’s assets while they are alive and after they are deceased. The trust is rock-solid, it cannot be contested or corrupted by any relative or outside entity. The trust is designed to both manage the day to day financial obligations of a man’s estate and his own healthcare in the event that he is rendered incapable of making his own decisions. The trust ensures that bills will continue to be paid and assets will continue to be cared for and maintained during a man’s illness and even after his death if he so desires. Furthermore, it assures that assets he desires to will to others will be properly delivered. A trust will also manage the allowance of monies to friends, relatives and charitable institutions. For a single man who may not have anyone close to manage his affairs a trust is perhaps the best friend he will ever make.

One of the strongest arguments for gay marriage came about during the height of the AIDS epidemic when gay couples who had grown and shared assets together lost them in bitter legal battles with unsympathetic families of the deceased. Furthermore, these men were forbidden the power of attorney during the last days of their loved ones life after managing them while they were both alive and healthy. Last wills and testaments were bitterly fought and many men lost these legal battles because of the larger stigma associated with the gay lifestyle. Had there been a trust in place however even the strongest bias could not have prohibited administration of the legal provisions encompassed therein. It is not my intent to oversimplify the establishment of a trust, only to warn mature men through this example that nothing is guaranteed unless it is laid out in plain legal English. The time to discover that you have not adequately planned for the inevitable is not when the crisis hits, it is here and now while you are in the prime of your life!

If you are curious in the least I implore you to explore this matter further using the links I have attached at the terminus of this article. They go into much greater technical detail about the nature of trusts. I leave you with two timely suggestions posed as challenges.

1. Set up a trust or will to manage your affairs and set a deadline of not more than a month to begin setting it in place.

2. Make certain that the will or trust includes clear instructions for how your health is to be managed in a time of crisis identifying a responsible trustee.

Living is a wonderful gift and part of living is the management of death, yes even our own post-mortem affairs. Single mature men are closer to a day when they will have to deal with the sobering realities of a serious illness or death, so it is best to be prepared ahead of time. As we grow older we see how our close friends and relatives begin to transition, many of their deaths are followed by bitter disputes over assets, and nobody wants those kinds of circumstances to put a shadow on their legacy. Plan now and live in relative comfort knowing that your affairs are duly ordered. Do this not only for your own serenity but for the peacefulness of those who survive you…

FIN

WRITTEN BY: BIGDADDY BLUES