Finding out that you have a terminal illness or disease is not something you are ever prepared for – even if you suspected that the news would not be good. Everyone handles the reality of their own mortality differently with some people getting lost in denial, others spiraling into depression, and yet others determined to make the most of every minute they have left. Focusing on the practical steps you need to take is one way to handle a terminal diagnosis, regardless of whether it simply provides a distraction or because it forces you to confront the reality of your situation. To help you get started, the Los Angeles attorneys at Schomer Estate & Wealth Advisors offer a practical guide to use following a terminal diagnosis.
Estate Planning and a Terminal Diagnosis
Hopefully your estate plan is already up to date because you have routinely conducted reviews and made revisions as necessary. If you are like most people, however, your estate plan could use a review. Talk to your estate planning attorney about your diagnosis and be sure to update (or create) the following:
- Last Will and Testament and/or trust agreement: If you do not already have at least a basic Will in place, now is the time to remedy that situation. In addition, any desired changes to an existing Will or trust should be made as soon as possible because at some point you may reach a point where you are legally incapacitated, meaning changes made after that point may not be honored.
- Advance directives: An advance directive allows you to decide who will make health care decisions for you if you cannot make them yourself because of incapacity. You can also make important end-of-life care decisions ahead of time in an advance directive. If you (or your loved one) have not already executed advance directives, or if you need to make changes, now is the time to do so.
- Funeral and burial plans: Like many people, you may feel strongly about how your body will be handled after you are gone and/or about the type of service to be held following your passing. If so, creating, or updating a funeral plan is the only way to ensure that those wishes are honored. Your plan can also arrange for payment of funeral and burial expenses so that your surviving loved ones do not have to worry about money and making decisions during such an emotional time.
- Life insurance policies: Review beneficiaries to determine if they need to be updated and make sure that someone knows what policies exist and what company to contact when the time comes.
Family Concerns and Practical Tasks
Once your estate plan is up to date, you may wish to turn your attention to your family and to some of the more practical tasks that need to be completed following a terminal diagnosis, such as:
- Call a family meeting: No two people handle the news of a terminal diagnosis exactly the same. Moreover, you are not required to share your diagnosis with anyone; however, including your family in your journey may be good for you and for them. Gather everyone together and explain the situation. From there, it is often wise to discuss who will be in charge of various aspects of your life and treatment going forward.
- Distribute estate planning documents: At your family meeting (or at any time), make sure that the fiduciaries (Executor, Trustee, Agent) in your estate plan have an original copy of all relevant estate planning documents. It is a good idea to give a trusted friend and your estate planning attorney an original copy of all documents as well.
- Create a list of account numbers, logins, and passwords. People often forget about this, especially if they are older and did not grow up in the electronic age. Creating a list of social media accounts, online financial accounts, frequently used apps, and other electronically stored data is important. Include login names and passwords and include the list with estate planning and/or legal documents.
- Expenses and assistance: Typically, a terminally ill patient needs increased or additional medical treatments which may be costly. Planning for how those expenses will be covered can prevent scrambling to find a way to pay for them after the fact. Review Medicare and private health insurance coverage. If long-term care coverage exists, review that policy as well. If you have not already done so, discuss Medicaid planning with your estate planning attorney. Other assistance programs, such as SSDI, SSI, SNAP, and the VA may be able to provide much-needed financial assistance.
Do You Have Additional Questions about Estate Planning Following a Terminal Diagnosis?
For more information, please join us for an upcoming FREE seminar. If you have questions or concerns about what to do following a terminal diagnosis, contact the experienced Los Angeles estate planning attorneys at Schomer Estate & Wealth Advisors by calling (310) 337-7696 to schedule an appointment.
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