If you’ve just been given a serious diagnosis, such as late-stage cancer, your first thought is likely about what treatment options you have. At the same time, though, you also want to think about what else you need to do in case that treatment does not work or doesn’t go as well as you hope.
This is where estate planning becomes so important. There are many ways it can help, such as those noted below.
You can make your medical wishes clear
As your disease progresses, it may become harder to communicate regarding your medical care. You can use a living will to tell your doctors what types of treatment you don’t want and what ones you do. You can give them instructions for certain situations that may arise. You can also use a power of attorney to give a family member the ability to make other decisions that you didn’t anticipate. You know you’ll be in good hands.
You can detail your plans for your estate
You can also tell your heirs what you want to happen with your financial assets and your physical assets, such as the family home. They can benefit from direction at such an emotional time, and creating an estate plan reduces the odds that any of your heirs will get into a dispute. Like your medical team, they will really know what you desired for your family.
Setting up your plan
If your diagnosis has shown you that you have a lot of estate planning you still need to get done, take the time to carefully consider all of the options that you have.