Estate planning afer a terminal diagnosis

When going to a doctor few people expect or are prepared to be on the receiving end of a terminal diagnosis. When this does happen, Florida residents can experience a myriad of emotions and their thoughts turn to many new concerns. People who have not engaged in any form of estate planning may understandably feel a sense of panic about this that only adds to the weight of the diagnosis itself.

What can one do if no will or trust is in place yet they know there may be only a few months left to live? As hard as it can be, the Kidney Cancer Organization encourages people to get started immediately on creating a will or trust. However, this is only one thing that should be done. People can often benefit from establishing a Durable Power of Attorney as well. Doing these things while the ill person is still mentally and physically competent is important. Many diseases can take a toll on a person’s ability to create these plans and open the door to many problems later if not handled promptly.

MoneyTalks reinforces the concept that prompt action is important. Additionally, married people should not assume that their marital status will protect them in all cases because it may well not. Even simple things like cell phone accounts are often in one spouse’s name only. If that person dies, the surviving spouse may face many challenges just to get access to this type of account.

Updating or at least reviewing beneficiaries on insurance, retirement or other policies is also important when a serious medical condition is identified.

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