Updating Your Estate Plan After a Serious Diagnosis in Oklahoma
Estate planning is never an easy conversation, but a serious diagnosis can force you to think about planning for the end of your life. An estate plan not only dictates how your assets will be distributed after your death, but it can also specify your preferences for certain end-of-life care and medical treatments. This allows you to make these difficult decisions in advance and not force your family into making these tough decisions during an already emotional time. If you or a loved one have recently been given a serious diagnosis, here is what you need to know about updating your estate plan.
How Can an Estate Plan Help With Healthcare Decisions?
One important thing to remember is that a comprehensive estate plan includes more than just a will or trust. While these can be important documents for handling your estate after your death, a full and complete estate plan also includes things like a durable power of attorney or advance health directive.
A durable power of attorney allows you to name an agent (your “attorney in fact”) to act on your behalf even if you become incapacitated due to your condition. The person you appoint may be able to carry out any legal task you could have otherwise completed on your own, such as:
- Managing your bank accounts or finances
- Buying or selling property
- Taking care of items related to your business interests
Additionally, an advance health directive allows you to make potential end-of-life medical decisions beforehand. You can make your own decisions about things like life support, resuscitation, and other potential end-of-life treatments. This is crucial because it prevents your family from being forced to make these difficult decisions.
What Updates Should I Make to My Estate Plan?
After a serious diagnosis, it is important to act quickly while your health is still good enough to make any necessary changes to your estate plan. The specific changes you need to make will depend on your personal family and financial situation. Generally, you should:
- Review your existing estate plan and look for any potential gaps
- Make sure that all your beneficiaries are named properly, especially if you have recently welcomed a child, have gotten married, or have gotten divorced
- Be sure that a guardian is named in your will for any minor children
- Carefully review your advance health directive and ensure that it still aligns with your wishes
- Designate a health care proxy if you have not done so already
- Ensure that “incapacity” is clearly defined in all of your trust documents
- Review all your beneficiary designations on life insurance policies, retirement accounts, and other financial accounts
Going through these steps can help ensure that both your immediate and future wishes are protected. Having an experienced estate planning attorney on your side can help you be sure that you have properly addressed all potential issues and that your family and finances will be protected. Call Helton Law Firm today to schedule a consultation and let us help you be certain that your estate plan is up to date.
