Estate Planning Tips if You Received a Terminal Diagnosis

  • Estate Planning
estate planning tips if you have received a terminal diagnosis | estate probate legal group

We all know that we won’t live forever. But receiving a terminal diagnosis was not something you were expecting to have to deal with just yet. It’s crucial that no matter your age, you need to have an estate plan in place. Being prepared doesn’t make hearing the diagnosis any easier, but it may help with the decisions you must now make. You may not want to think about it right now, but having your estate plan organized and ready can give you peace of mind that you are helping your loved ones.

Estate Planning Tips

When you went to the doctor’s office that morning, you didn’t expect a terminal diagnosis. Now what? First, you’ll want to gather your loved ones around you and have the emotional support to help you through this time. And when you’re ready, you will want to review and update your estate plan. Here are some estate planning tips to get you started:

  • Update your will or trust. You are ensuring that the executor or trustee that you have assigned can carry out your wishes.
  • Check your health care directive. Have your end-of-life plans changed with the new diagnosis?
  • Review or assign guardianship of your minor children.
  • Verify your power of attorney. You may need someone to help you pay the bills and sign documents.
  • Utilize your estate plan for medical bills. You might need some life insurance money to help pay for hospital bills.
  • Look at your life insurance policies. Make sure the beneficiaries listed are still who you want to receive the final payments.
  • Now is the time to bring out the ‘In Case of Emergency‘ list and make any changes.

Don’t worry if you don’t have any or all of the above items. Understandably, what you’re going through might be completely overwhelming. While it’s important to be involved in your estate planning, you may need to appoint a personal representative to assist you in making decisions. An experienced estate planning attorney can help you organize your estate plan and other legal documents.

Oak Brook Estate Planning Attorney

We can advise you on the best options to help you review and update your estate plan. To talk to a qualified attorney in Chicago, contact the Estate & Probate Legal Group at 630-864-5835. 

We serve Cook, DuPage, Kane, Lake and Will counties.