A terminal cancer diagnosis changes your life in the most frightening ways. Beyond the emotional and physical toll, it often forces you to think about things you may have put off, like your estate plan. If you live in Maryland, this is the time to make sure your documents reflect your current wishes and protect the people you love.
Time is against you
Terminal cancer refers to any type of cancer that can’t be treated. It is often called “end-stage cancer”. It is different from advanced stage cancer which still responds to treatment. If you have terminal cancer, it means that whatever treatment you may be going through focuses on making you as comfortable as possible.
Having terminal cancer really does have an impact on life expectancy. So it is important that you make all the right steps when it comes to the future.
Put your medical wishes in writing
Start with your advance directive. This document outlines the kind of medical care you want if you can’t speak for yourself. You should also name a health care agent. This is someone you trust to make medical decisions for you. Maryland law lets you choose who that person is, so make sure your choice is up to date.
Make financial plans you can count on
Next, look at your financial power of attorney. This lets someone you trust manage your money if you become too sick to handle things on your own. Without it, your family may have to go to court just to access your accounts or pay your bills.
You should also review your will or trust. A serious illness might change how you want to divide your assets or who should manage them. Maybe you now want to set up a trust for a child, leave something to a caregiver or support a cause that’s important to you. An updated plan can help make that happen.
Keep the burden off your family
Don’t forget to check the beneficiaries on your life insurance, retirement accounts and any payable-on-death accounts. These override your will, so it’s important to keep them current.
When you take these steps, you do more than protect your wishes, you ease the burden on your loved ones. You give them clear guidance and help avoid confusion, stress and legal trouble down the road.
No one wants to plan for the worst, but doing it now gives you more control and peace of mind.