Receiving a terminal diagnosis is a virtually indescribable turn of events. If you have recently received a terminal diagnosis, you are almost certainly grieving and shouldering a host of other kinds of emotional weight. Unfortunately, there are tasks that you may have been putting off until now that can no longer wait as a result of your circumstances. Estate planning is one of them.
Taking steps to organize your affairs can help you to better ensure that your loved ones are supported, your wishes are honored and that the risk of legal complications are minimized after your passing. Estate planning after a terminal diagnosis should begin with reviewing and updating your existing documents, or creating them if you haven’t already.
Putting a plan into place
Whether you’re updating existing documents or starting from scratch, important considerations include drafting a will, a durable power of attorney, a healthcare proxy (or advance directive) and, possibly, a trust. These documents can collectively manage the distribution of your assets, designate trusted individuals to act on your behalf and help to ensure that your healthcare preferences are respected if you become unable to communicate.
A last will and testament is the cornerstone of any estate plan. It allows you to specify who will inherit your property, name guardians for minor children if needed and appoint a personal representative to carry out your wishes. If your current will no longer reflects your circumstances or intentions, a revision should be made promptly.
Powers of attorney and healthcare directives are equally urgent, especially in light of your diagnosis. A durable power of attorney enables someone you trust to handle your financial matters if you are no longer able to do so yourself. A healthcare proxy gives someone the authority to make medical decisions in accordance with your preferences. These documents can impact end-of-life care and can affect the management of certain day-to-day responsibilities as your condition progresses.
Trusts can also be powerful tools, particularly for managing complex assets, avoiding probate and better ensuring privacy. A revocable living trust, for example, allows you to retain control over your assets while alive and transition management smoothly after your death.
While time may feel limited, estate planning does not have to be overwhelming. An experienced legal team can guide you through the process with compassion and efficiency, helping to ensure that every document is legally sound and every decision reflects your true wishes.
