Chronic illnesses are highly common and varied in nature. They won’t all affect an estate plan to the same degree or in the same ways, but they are nonetheless critical factors in shaping how the plan is formulated and managed. If this applies to you, here are a few key considerations.
Major Estate Documents
The advent of a chronic health issue should prompt you to examine your key estate documents and determine what is needed in your circumstances. Reviewing and potentially updating your will should be one of your first priorities, but not the only one. Depending on the nature of your condition, a living will may also be necessary. This is designed to establish directives regarding your health care should you become incapacitated at a later date. Similarly, healthcare power of attorney will designate who can legally make healthcare decisions on your behalf if it becomes necessary. These are just a few examples of legal documentation to keep in mind.
In addition to carefully maintaining your estate paperwork, there are a number of important financial matters to take into account. This encompasses a wide range of factors, including disability income, accelerated benefits claims through your life insurance policy, long-term passive income supplied by smart investments, and tax planning considerations such as deductions or credits for health expenses and medically necessary modifications to your home. The key is to explore what strategies and resources are available to provide yourself with the highest quality care and plan most effectively to shape your financial legacy.
Seeking Professional Help
Living with one or more chronic illnesses is a difficult experience all on its own, and the added element of dealing with your estate plan can be especially overwhelming. Fortunately, skilled assistance in estate planning is more readily available than ever, regardless of what health challenges you’re facing. Neither you nor your family should be forced to contend with the many legal, financial, and logistical layers of your estate all on your own. Working with an experienced team of specialists will put your mind at ease and the strength of your legacy in the right hands, allowing you to focus on living a comfortable and fulfilled life!Have you or a loved one been diagnosed with a chronic illness? This is one of many circumstances that the MacMillan Estate Planning team is well versed in navigating, not only with skill and expertise, but with warmth and dignity. Contact us to see how we can help you.