A cancer diagnosis can be a life-altering event, prompting a range of emotions and a reevaluation of priorities. Amidst the emotional and physical challenges, it becomes crucial to address practical matters, including your estate planning. Proactive planning can provide peace of mind and ensure that your wishes are respected, and your loved ones are protected. As June is National Cancer Survivor Awareness Month, it is an ideal time to focus on the importance of proactive planning for those facing a cancer diagnosis.
1. Review and update your Florida estate plan. A cancer diagnosis often brings the need to revisit your existing estate plan. Ensure that your last will and testament, trust agreements, and beneficiary designations are up-to-date and reflect your current wishes. This review should also consider any changes in your financial situation, family dynamics, or personal preferences.
2. Establish or update a healthcare directive. A healthcare directive, also known as a living will, allows you to specify your preferences for medical treatment in case you are unable to communicate your decisions. It is essential to appoint a trusted individual as your healthcare proxy to make medical decisions on your behalf if necessary.
3. Consider a durable power of attorney. Designating a durable power of attorney ensures that someone you trust can manage your financial affairs if you become incapacitated. This includes handling banking, investments, bill payments, and other financial matters, providing continuity and protection for your assets.
4. Evaluate your life insurance policies. Review your life insurance policies to ensure they provide adequate coverage for your loved ones. Consider whether additional coverage is necessary, especially if your diagnosis might impact your financial situation or your ability to provide for your family.
5. Plan for long-term care. Cancer treatment can be lengthy and costly, making long-term care planning essential. Explore options such as long-term care insurance, Medicaid planning, and other resources that can help cover the costs of care and protect your assets.
6. Discuss your plan with your loved ones. Open communication with your family about your estate plan and healthcare preferences is vital. This ensures that everyone understands your wishes and can act in accordance with them, reducing the likelihood of disputes or confusion in the future.
7. Seek guidance from an experienced Florida estate planning attorney. Working with an experienced estate planning and elder law attorney can provide valuable insights and ensure that your documents are legally sound and tailored to your specific needs. They can help you navigate the complexities of estate planning during a challenging time and provide support in making informed decisions.
June is National Cancer Survivor Awareness Month, a time dedicated to raising awareness about bone cancer and supporting those affected by it. This month serves as a reminder of the importance of early detection, research, and support for patients and their families. If you or a loved one is facing a cancer diagnosis, taking proactive steps in your estate planning can offer a sense of control and security during an uncertain time.
We know this article may raise more questions than it answers. At Britton G. Swank, P.A., our mission is to guide you in the right direction to help you provide for yourself and your loved ones no matter what the future holds. Our compassionate and experienced team is here to help you navigate the complexities of estate planning and ensure your goals are met, providing peace of mind for you and your loved ones.
We want to help you control the assets you have, leave them to people and causes you care about, when you want, in the way you want. We can help you take care of yourself and those you love in the event of disability due to illness, injury or old age. No matter what risks unfold, we can help give you the comfort of knowing you are prepared. We want you to feel good about your future and the future of your loved ones. We encourage you to contact us and schedule a meeting.