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Estate planning steps when diagnosed with a terminal illness

On Behalf of | Aug 2, 2022 | Trusts

Once the initial shock of learning about your terminal illness passes, you will have more than a fair share of worry. Two concerns that typically plague terminally ill patients are transferring assets to family members and personal medical care.

Through estate planning, many families impacted by illness in Brambleton and Oak Hill have successfully addressed both concerns. Your plan will allow you to design your medical treatment while ensuring your family receives your assets as smoothly as possible.

Addressing healthcare concerns

There are generally two ways to control your medical treatment when seriously ill: A living will and healthcare power of attorney.

In a living will, you inform those close to you of the treatments you wish to receive and those you don’t want. It provides medical instructions if you can no longer play an active role in your care due to incapacitation.

With a healthcare power of attorney, you name someone you trust to make medical decisions for you if incapacitation occurs. It is an ideal accompaniment to the living will as it guides your chosen agent in matters the will does not cover.

Transferring wealth smoothly

In Herndon, Ashburn and other Virginia communities, you have many options to transfer your assets to named heirs and beneficiaries. For example, a trust or several trusts may allow your estate to bypass the probate process. Doing so will alleviate your loved ones of the financial and emotional burdens that often arise during probate.

You and your family are unique, and only personalized estate planning can ensure the successful execution of your final wishes. Continue learning how estate planning improves every stage of life for those in Aldi and Reston. It can also help death pass a little more peacefully.