Learning you have a terminal condition is incredibly emotional. Amidst this whirlwind of emotions, you must find a way to focus on practical matters, like tying up loose ends and securing your estate for your loved ones.
Here are three critical estate planning tasks to complete after learning you are terminally ill.
1. Update your final will
Your will outlines how your assets will be distributed upon your passing. If you already have a will, review it to ensure it reflects your current wishes. This might include updating beneficiaries, adding new assets or making other necessary changes.
If you have no will, now is the time to create one to prevent Kentucky law from dictating the distribution of your estate.
2. Create or update your advance healthcare directives
A living will and/or a healthcare power of attorney is critical in ensuring your medical wishes are respected if you become incapacitated. A living will specifies your preferences for medical treatment, while a healthcare power of attorney designates someone to make healthcare decisions in your stead.
Updating or creating these documents can provide peace of mind that your healthcare choices will be honored.
3. Get your estate affairs in order
Organizing your estate affairs involves compiling all important documents and information in one place. You should include your will, advance directives, insurance policies, bank account details and other relevant financial information.
Having everything organized can ease the burden on your loved ones and ensure a smoother process when managing your estate. Consider discussing your plans with your family to keep them informed and prepared.
With guidance from an estate planning representative, these steps can bring clarity and peace to your family while safeguarding your final wishes.