Facing a terminal illness is devastating. It can be hard to focus on anything other than your condition, but taking proactive estate planning steps can bring peace of mind.
Here are some essential steps to consider after receiving a terminal diagnosis.
Review and update your will
Ensure your will is up to date and reflects your current wishes. It should specify how you want your assets distributed and name an executor to carry out your instructions. If you do not have a will, now is the time to create one.
Establish a power of attorney
Appoint a trusted individual as your power of attorney to make financial and legal decisions on your behalf if you become unable to do so. The powers you can grant include managing bank accounts, paying bills and handling other financial matters.
Create advance healthcare directives
Healthcare directives, such as a living will and a medical power of attorney, outline your medical treatment preferences. They contain your wishes about life-sustaining treatments, pain management and other crucial healthcare choices.
Consider a trust
Establishing a trust can help you manage your assets and further ensure they are distributed according to your wishes. Trusts can provide more control over asset distribution and can help avoid probate, allowing a smooth transition for your beneficiaries.
Organize important documents
Gather and organize your important documents, such as financial statements, estate planning documents, insurance policies and legal papers. Make sure your executor and family members know where to find these documents and have access to them when needed.
This is understandably a challenging time for you. Prioritizing your family and assets with guidance from an estate planning representative can help you rest easier and focus on enjoying all the time you have left.