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Diagnosed with something serious? It’s time for your estate plans

On Behalf of | Jan 11, 2022 | Estate Planning |

You started feeling a little under the weather, and you went to the doctor to see if anything was wrong. To your surprise, it’s a fairly serious diagnosis. It could be something like cancer in the later stages, which didn’t have any symptoms until it was hard to treat.

In a case like this, it’s wise to do your estate planning if you haven’t done so already. There are a few different things that you want to consider.

Who can make your medical decisions?

First and foremost, you need to remember that there may be a point when you can’t make your own medical decisions. You need to decide who’s going to do that for you. You can use some types of advance directives to lay out instructions for your medical team. 

You could also use a medical power of attorney to pick an agent who can make these decisions on your behalf. Some people use a combination of both.

What does this mean for your financial situation?

On one hand, you want to think about the costs of your treatment and what it’s going to mean for your financial planning to pay for these costs. There could be drastic changes to your basic living costs, as well. 

On top of that, you want to start thinking about what will happen to the assets that are left if you pass away. Who do you want to get the items that you own, the money that you control and all of your other assets? Even if your prognosis is good, it’s wise to have things in a plan so that it’s ready if needed.

As you get all of this together, take the time to really consider all of your legal options so that you make a complete estate plan that addresses your family’s needs.