After receiving a terminal diagnosis, it can be overwhelming to consider what lies ahead. However, it’s important to know that this reality can also serve as an opportunity to plan and protect your loved ones’ futures by ensuring that your estate is in order.
Estate planning after a terminal diagnosis can allow you to make intentional decisions about your assets, health care and legacy, offering greater peace of mind that your wishes will be honored as your situation evolves.
Creating or reviewing and updating your will
To start, it’s important to review or create a will after receiving a terminal diagnosis. Your will can help to ensure that your assets are distributed according to your wishes, allowing you to designate specific beneficiaries for personal items, property and funds.
If you already have a will, updating it to reflect any new preferences can help you to prevent potential conflicts among your beneficiaries. This review process also provides an opportunity to name a trusted executor who will handle the administration of your estate.
Health care and financial powers of attorney
After receiving a terminal diagnosis, appointing someone to have health care and financial power of attorney becomes more important than ever. A health care power of attorney authorizes a trusted person to make medical decisions on your behalf if your condition leads to incapacitation and you’re no longer in a position to make them on your own behalf. A financial power of attorney serves similar purposes when it comes to your financial affairs.
Creating an advance health care directive
An advance health care directive, or living will, allows you to detail your medical treatment preferences, such as life support measures or palliative care options. This document relieves your loved ones from making these challenging decisions and helps ensure that your medical care aligns with your personal values.
Facing a terminal diagnosis is not easy, but addressing your estate plan during this time can provide you with a sense of control and relief concerning your legal protections and the future of your estate.