A scary health diagnosis causes emotional and logistical challenges. For instance, how can you take care of your family if something happens which causes physical incapacitation? In addition to working closely with your medical providers, consider taking these three legal tips:
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Make sure your Estate Plan is up to date.
Are you among the 42 percent of American adults who has a will or trust? If not, start planning. If you have an active plan, review it. Did one of your heirs get married or die? Would you like to add or remove people from your will? Is your personal representative no longer capable of handling your estate? Make sure you designate alternates for your personal representative, legal guardian, and trustee.
Also, review your estate’s assets. Some states allow for the inclusion of a personal property memorandum. You may be able to revise the distribution of personal property simply by revising your list without needing to amend your will. If not, revise your will to reflect necessary changes. If you maintain a separate record of account for information and essential documents, take steps to update those, as well.
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Pass control to your successor trustee/agent so you can focus on your health.
Scary health diagnosis? You should focus on your healthcare.
Overwhelmed by the prospect of splitting your focus between managing your health and managing day-to-day responsibilities? Consider relying on a successor trustee. By granting your successor trustee the authority to manage assets in your trust, you can alleviate significant stress and save time. Remember, you trusted this person enough to name them to manage your assets in your absence. You should also trust them to manage your assets, if necessary, while you are alive. Keep in mind that you can always regain control in the future.
Even if you do not have a trust, if other financial matters consume your time, consider appointing an agent. Thus, you would list them under a financial Power of Attorney (POA) to assist with financial management.
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Coordinate current assets with your estate plan and/or funded trust.
Evaluate your assets to make sure nothing slips through the cracks. Then, consult with your estate planning attorney and tax professional to make sure you avoid common mistake of improperly titled assets. Therefore, for the trust to be funded, such assets must be titled in the name of the trust. Also, review beneficiary designations to ensure they match up with your overall estate plan. This is crucial since distributions will be made according to the designated beneficiary. Make sure this does not undo your estate plan.
So, after receiving a scary health diagnosis, managing your health should be your top priority. Later, lean on those you trust. And if you need assistance to make sure your affairs are in order, please feel free to give us a call.
About Skvarna Law Firm in Glendora and Upland, California
A skilled attorney can assist with your estate plan. Contact us today to learn about your options (909) 608-7671. We operate offices in Glendora and Upland, California. We provide legal services for individuals living in San Bernardino, Los Angeles, Orange and Riverside Counties. This includes the cities of Upland, Ontario, Rancho Cucamonga, Fontana, Colton, Rialto, Chino, Chino Hills, Glendora, Claremont, Montclair, Pomona, La Verne, San Dimas, Azusa, Covina, West Covina, Diamond Bar, Walnut, La Puente, Corona, Norco & Mira Loma. Visit SkvarnaLaw.com to learn more.
