Estate Planning is an important step in planning for your future, though it is easy to overlook and put off to a later date. However, Estate Planning is something you will want to begin looking into now while it is an option.
Estate Planning is the process of creating a legal plan for what will happen to your assets when you pass away. Your assets can include anything you have of value, such as clothing, real estate, jewelry, etc.
Creating an Estate Plan can be extremely beneficial because it will afford you the peace of mind knowing that you have full control over who will be receiving your assets when you pass away, guaranteeing they end up in the hands of the people that you trust. By creating an Estate Plan, you are also helping your family members out as well, as it makes the dispersion of your assets much smoother. This ensures that your family members will not have the added stress of figuring out what to do with your assets as you have already done this for them.
Estate Planning is beneficial for all, no matter who you are, but there may be different considerations for people depending on their circumstances. This can often make Estate Planning seem more complicated and frustrating when trying to create a custom Estate Plan that fits your circumstances. Trust & Will, a leading online Estate Planning service, wants to make this process easier, which is why in this article we will provide you tips on creating an Estate Plan for people with health concerns.
For those who have health concerns, there will be specific areas that should be addressed when drafting an Estate Plan. Those concerns may include:
Tips on Estate Planning for People with Health Concerns
Estate Planning can be easy to put off, but it is important to start planning now, especially if you are someone with health concerns, because the future can be unpredictable. By creating your Estate Plan early, you can rest with ease knowing your affairs are in order.
Appoint a Healthcare Directive
As someone with health concerns, you will want to consider appointing a Healthcare Directive and create necessary healthcare documents. A Healthcare Directive, also known as a Living Will, is a legal document that specifies your wishes for your healthcare in case a situation arises in which you are no longer capable of making the decisions for yourself. Serious illnesses, the probability of worsening Alzheimer or dementia, coma are examples of health situations that may one day require serious decision making regarding health initiatives or life-saving decisions. Creating a Healthcare Directive online will allow you to appoint a specific individual you deem responsible for ensuring your health decisions are protected and carried out as you would want them to be. This is important for anyone who is creating an Estate Plan, but it is even more necessary when you already have health concerns.
When you have health concerns, you may be worried that you will be more likely to find yourself in a situation in which you cannot make the decision over your healthcare and appointing a Healthcare Directive and creating the necessary documents will ensure that even if you do find yourself in this situation, your wishes will be observed. This is because you will have written legal proof of your desires and someone who will be obligated to protect those wishes for you.
Appoint a Financial Power of Attorney
A Financial Power of Attorney is a legal document that names an appointed individual you have chosen to take control of your finances in the event that you can no longer make financial decisions for yourself due to health reasons or other unforeseen circumstances. This can be important to take care of now, especially for those who have health concerns. To ensure that your finances are in order and protected by someone that you know and trust, can ease many worries especially for those experiencing health challenges. By appointing a Financial Power of Attorney, you are guaranteeing control over what happens to your finances regardless of the situation that you may find yourself in.
Nominate a Guardian for your children if applicable
If you are someone who has health concerns who also has dependent children, it will be crucial to nominate a legal Guardian for your children. To do this, you will need to create legal documents, often called Nomination of Guardian documents, that state who you want to be in charge of your children (and even your pets!) in the event that you pass away. This guarantees that you know who will take on the responsibility of caring for your children in the unfortunate event that you no longer can. Your children are often your first worry when thinking about what will happen if you were to pass away or no longer be able to take care of your loved ones. By creating legal documents to nominate a Guardian for your dependent children, you will find comfort in knowing they will be in the loving care of someone you trust and respect.
Nominating a legal Guardian will be especially important for people with health concerns who are single parents, as there will not be a spouse to take care of your children if you no longer can. You will want to carefully consider who you entrust with the care of your children and who you nominate. Before you nominate someone, you will want to make sure to have a conversation with the person you have chosen and explain why you have chosen them. Remember, this is a big responsibility that some people in your life may not feel comfortable taking on, and you should respect this.
Estate Planning, especially for someone with preexisting health concerns, can seem daunting. With so many different elements to Estate Planning, you may not know where to start or what is necessary for you. Trust & Will understands how confusing this can be, which is why we want to make your planning easier with our online services. With everything from Will planning, to creating legal documents to nominate a Guardian for your children, Trust & Will has you covered at a price that is right for you. Check out our website today!