Being diagnosed with a terminal illness is scary enough. It’s even worse if you haven’t set aside an estate plan. But it’s not too late.
It’s crucial to use the time you have left to lay out your wishes to avoid having your assets handled haphazardly or irresponsibly. Consider the following steps to ensure proper estate planning.
Create an advance care directive
Only 37 percent of adult Americans have mapped out an advanced care directive. What does an advanced care directive involve?
It typically consists of plans outlining end-of-life care like palliative care, ventilator use and artificial feeding/hydration. In addition, an advance care directive can also include appointing a power of attorney to make health decisions on your behalf if you’re no longer able to.
Figure out a way to pay for funeral expenses
Make a list of expenses that might occur once you pass on. Then, prepare a budget to save up on covering said expenses.
If you or your loved ones don’t have enough savings or other funds to pay for funeral-related costs, you can opt for burial insurance or fundraising efforts.
Gather your family members to converse about inheritance wishes
This is the hardest but most necessary action to carry out. If you have minor children in your custody, you can talk over guardianship matters with relatives willing to take them in.
Discuss asset ownership with any other adults in the family like grown children, siblings or spouses to appropriately distribute property or money.
The fact that you’ll leave your loved ones soon is tough to deal with. However, mapping out an estate plan could give you and the people you care about peace of mind. Seek legal assistance for guidance and options.