Receiving a terminal diagnosis is an emotionally overwhelming experience. This scenario often prompts a reevaluation of one’s priorities, including the need to address estate planning concerns. While the thought of managing legal and financial matters during such a difficult time can be daunting, taking proactive steps to update or create an estate plan can provide greater peace of mind.
If you have recently been diagnosed with a terminal condition, you may be processing this news in any number of ways. Hopefully, you are seeking support for anything that you may need right now. Seeking support with your estate planning needs is going to be important if you haven’t done so yet.
Updating an existing estate plan
If you already have an estate plan in place, the immediate aftermath of receiving a terminal diagnosis is an important time to review and update it. You’ll want to revisit your will, trusts, powers of attorney and health care directives in order to ensure that they reflect your current wishes and circumstances.
You may want to make changes to beneficiaries, reassess how assets are distributed and/or clarify instructions for the care of dependents. It’s also important to review your life insurance policies and retirement accounts to ensure that designated beneficiaries are up to date.
Crafting a new plan
If you don’t yet have a will or trust in place, now is the time to create one or both. In addition to addressing financial matters and guardianship concerns, it’s important to establish or update advance health care directives and powers of attorney. Without these documents in place, you’ll lack the peace of mind associated with having enforceable wishes concerning your own medical care and end-of-life care in place and someone acting on your behalf ready to go when the time comes.
While it can be emotionally difficult, taking the time to update or create an estate plan can provide peace of mind for you and your family. Having experienced estate planning guidance is a good way to help ensure that your plan meets your needs.