Posted on: 22 April 2019Share
If you have been diagnosed with a terminal illness, there are many things you must do to get your affairs in order. This will make things go much more smoothly for the people you leave behind. To help you get started, below are two tips to help you have less stress and focus on managing your disease.
Estate planning is deciding in advance who you want to receive your things after you pass away. You will leave instructions of how you want to be cared for when you become disabled and are not able to do this on your own. You will also name someone as a guardian of your estate. If you have minor children, you will name someone to care for them after you pass. This person will also handle any inheritance the children may receive until they reach a certain age.
Part of estate planning is also life insurance to provide for family members after you pass away. For example, there may be income from the insurance to replace the income you provided for your family while you were still alive once you are not able to work. Long-term life insurance will assist you in paying for your care.
Your estate planning can be changed at any time while you are still alive. For example, your financial situation may become different if you inherit a large sum of money or get divorced.
A will is not the same as estate planning. Estate planning often covers things while you are still alive. A will, however, does not go into effect until after your pass away.
With a will, you need to list all your assets and who you want to receive these assets when you die. A will holds up well in court. For example, if you have family members who fight over an asset, the judge will go by the instructions in your will.
Along with assets, you can also name a guardian for minor children in your will to ensure that they are well cared for after you pass away.
You will name a legal representative to carry out the instructions of your will after you pass. In most cases, this will be an attorney. The attorney will contact everyone to come together, and they will read the will.
Talk with an attorney from a firm such as Thomason & Hessmer to handle your estate planning and will, and they can help you get everything set up properly. This will ensure that you fill out everything correctly so that there will be no issues after you pass away.