Chanel Reynolds knows firsthand the importance of a good estate plan.
What you probably already know: For many people, getting a will, power of attorney and other estate planning documents in place is one of those things that’s easy to put off. People were more proactive about it during the pandemic, but enthusiasm has fallen off. Only about 34% of U.S. adults report having a will or estate plan, and only 43% of people over 55 have taken this important step. If you’re one of those people who has been putting it off, Chanel Reynolds has a message for you: Get your shit together.
Why? That may sound harsh, but Reynolds doesn’t mince words. GYST, the acronym for the company she started, aims to help make estate planning less of an overwhelming task. She knows firsthand why this is important. On July 17, 2009, Reynolds’ husband was hit by a van. He spent a week in a coma and then Reynolds had to make the heartbreaking decision to remove life support. Immediately after the accident and then after his death, she realized she didn’t have the information she needed to handle the important logistics of the situation. Rather than spending time grieving and helping her two young children, she was googling “what is probate” and trying to guess her husband’s cellphone password.
What it means: “One could call it the missing link in the feminist curriculum,” Reynolds says. In recent years, she’s seen more discussions about personal finance for women, but estate planning still feels like it’s left out of these discussions. “It’s a really important, critical thing for us to make sure our name is on the title of the house, that we know where our money is, we know whether we’re the beneficiary,” she says. Women often outlive their spouses, which makes it more likely they’ll end up dealing with these issues. “One of the big issues when it comes to estate planning is we think it’s something land barons do,” she says, “something you only do if you have a lot of wealth or resources, or when you’re older.” Even if your “estate” feels small, many of these steps are still vital to ensure your family can spend your final moments being present with you, and not on the phone with lawyers, she says.
What happens now? Reynolds has a checklist — and a book called What Matters Most: The Get Your Shit Together Guide to Wills, Money, Insurance and Life’s “What Ifs,” all aimed at helping people take the steps, a little at a time, to make sure their lives are in order. One example: Get a password manager like LastPass and create a master password that can be shared with your executor or emergency contact. Tomorrow, we’ll go through more of her suggestions and tips to help make this sometimes overwhelming topic more approachable.
