Receiving a life-altering medical diagnosis can be a difficult and emotional experience, to say the least. If you are facing this challenging set of circumstances, it’s important to keep in mind that beyond your – very understandable – immediate concerns about health and treatment, it is likely that you are going to need to adjust your estate plan. Ensuring your wishes are clearly documented can provide you with greater peace of mind, help you to protect your assets and help to minimize stress for your loved ones as your situation evolves.
It’s undeniably frustrating to have practical tasks on your plate when you’re processing health-related news. But, you will likely find that this is an effort well worth a minimal amount of your truly precious time and energy.
Key steps you’ll need to take ASAP
If you do not have an estate plan in place, it’s time to put one in place. You don’t have to do this alone, as seeking personalized assistance is an option worth pursuing. You have enough on your plate right now without trying to draft an enforceable estate plan from scratch.
But, if you already have an estate plan in place, you’ll need to “simply” review it carefully to determine whether it reflects your current situation and wishes. You can start by asking yourself:
- Does the plan still align with my goals?
- Are my beneficiaries and heirs accurately listed?
- Have I accounted for all of my assets, including any recent acquisitions?
How you’ll need to adjust your broader estate plan will be informed by your answers to these – and potentially others – foundational questions.
The nitty gritty
Your approach to individual documents within your estate plan may also be newly influenced by your diagnosis. For example, a consequential diagnosis often inspires a need to make difficult decisions about medical treatment. Your advance directive will allow you to document your preferences for care, ensuring your wishes are honored even if you become unable to communicate them. Updating these documents can help you to better ensure that they reflect your current wishes and provide clear guidance for your loved ones and healthcare providers. You may also need to make changes to – or add – a financial power of attorney document.
There are a host of considerations that can impact the effectiveness of an existing estate plan in the wake of a consequential diagnosis. Take care of them sooner rather than later, so you can focus your energy wherever else it is most needed right now.
