What If Anything Happens To Me? An Estate Planning Scenario Guide
Most of us don’t walk around thinking, “I really need a financial power of attorney.”
We think about the situations instead.
What happens if I get sick and can’t make my own decisions? What happens if I can’t manage my finances for a while? What happens to my kids if I’m not here? Would my family even know where to find everything?
You can’t predict every “what if.” But you can make decisions now that give the people you trust more clarity if one of them becomes real.
Here are six situations worth thinking through—and how having an estate plan can change what happens next.
What If I Can’t Make My Own Healthcare Decisions?
Maybe you’re seriously ill. Maybe you’ve been in an accident. Whatever the circumstances, you’re unable to communicate what you want.
Without a plan
The people closest to you may be left trying to figure out what care you would have wanted and who should speak on your behalf. Even when everyone wants what’s best for you, they may not agree on what “best” looks like. Learn more here.
With a plan
An Advance Health Care Directive lets you document your healthcare wishes and choose someone you trust to make decisions on your behalf if you can’t.
Instead of asking your loved ones to guess, you’ve given them something to work from: your wishes.
What If I Can’t Manage My Finances?
Life doesn’t stop because you’re temporarily—or permanently—unable to manage it.
The mortgage or rent is still due. Bills still need to be paid. Insurance may need to be handled. Financial decisions may still need to be made.
Without a plan
Your family may know exactly what you would want them to do, but that doesn’t necessarily mean they have the authority or information they need to step in. Learn more here.
With a plan
A Financial Power of Attorney lets you choose someone you trust to handle financial matters on your behalf when appropriate.
It’s not just about choosing someone who could step in. It’s about deciding who you actually trust with that responsibility—and putting that decision in writing.
What If I Die?
This is the “what if” most commonly associated with estate planning. But even here, there’s more to think about than simply who gets your money.
What happens to your home? Your car? Your savings? The necklace your daughter has always loved? Who handles everything that needs to happen after you’re gone?
Without a plan
State law may determine how certain property is distributed, and the people you leave behind may have fewer instructions. Additionally, it may remain largely unclear what you would have wanted with your possessions big and small or who you wanted to handle your estate.
With a plan
A Will or Trust can help you document what you want to happen to your property and who you want involved in carrying out your wishes. Beneficiary designations on accounts and policies are another important part of the picture.
You don’t need a mansion or millions of dollars to have something worth planning for. You just need a life with people and things you care about.
What If My Kids Need Someone to Care for Them?
For parents, this may be one of the hardest “what ifs” to imagine.
It can also be one of the most important to answer.
Without a plan
You may have a person in mind—your sister, your parents, your best friend—but simply assuming they would take care of your children isn’t the same as making your wishes known.
With a plan
Your Will or Trust can document your choice of guardian for your minor children.
And the planning shouldn’t end with writing down a name. Talk to the person you’re considering. Make sure they understand what you’re asking and feel comfortable saying yes before you make your choice official.
It’s also important to recognize that, in general, the courts will assign guardianship to the surviving parent if there is one.
What If Something Happens to Me and I Have a Pet?
You know which food they’ll actually eat. You know the vet’s name, the medication hidden inside a piece of cheese, and that “doesn’t like thunderstorms” is a significant understatement.
Would someone else know?
Without a plan
Someone may need to quickly figure out who can take your pet, what they need, and what you would have wanted for their care.
With a plan
A Pet Directive can help you choose a caregiver and leave instructions about your pet’s needs and care.
It’s a relatively small bit of planning that can provide a lot more clarity for both your pet and the person stepping in.
What If My Family Has to Figure Out Everything I Left Behind?
Between the will, the life insurance policy, the checking account, the property deed, the passwords—the list goes on and on—there are a lot of things to find when someone is no longer here.
This is the part of estate planning that can easily get overlooked. Creating the documents matters. Making sure someone can actually find and use what you’ve prepared matters, too. Learn more about the value of organization in estate planning: A Strong Estate Plan Starts with Documents—But It Doesn’t End There.
Without a plan
Important information may be spread across filing cabinets, inboxes, devices, accounts, and behind the one password you were absolutely certain you’d remember.
The people you love may be left piecing it together.
With a plan
You can organize important documents, accounts, instructions, and other information in one place and make sure the right people know where to find what they may eventually need.
GoodTrust’s Digital Vault can store documents and information about online accounts and devices, while Trusted Contacts allow you to share relevant information with people you choose. A Funeral Directive can also document your final wishes rather than leaving your family to guess.
The goal isn’t for everyone in your life to know everything. It’s for the right people to know what they need—and where to look.
Learn more about picking the right people for your estate plan and how to talk to them:
What to Say to the People in Your Estate Plan
You Can’t Predict the “What If.” You Can Plan for It.
Estate planning can’t stop difficult things from happening.
What it can do is replace some of the uncertainty with decisions you’ve already made, people you’ve already chosen, wishes you’ve already documented, and information that’s easier to find.
You don’t need to prepare for every possible scenario today. Start with the “what if” that made you pause while reading this.
The situation may be out of your control. Your plan doesn’t have to be.