There’s bad news, and then there’s life-altering (or worse, life-ending) news. Receiving a terminal health diagnosis is one of the hardest processes anyone has to go through. You have so much left of life, so much more you want to do, and suddenly you’re on a clock. Worse, you’re on a clock that’s deteriorating.
While it’s hard to stay focussed during this time, it’s what your family needs. You need to get your assets together and work out what kind of legacy you want to leave behind. This applies even if your diagnosis isn’t necessarily terminal, but does come with significant risks.
Putting together a will and getting your financial assets in order is one of the most powerful gifts you can give your loved ones. Getting your will and assets together will save your loved ones from having to deal with debtors, or fighting over your will.
Of course, navigating these sensitive decisions after you receive such a world-changing, difficult health diagnosis is not easy, so here are some tips to help you through it.
Navigate the Cost of Your Will
One of the biggest, most frustrating aspects when it comes to trying to sort out your will is the arrival of all these unexpected costs. The good news is that there are free charity wills out there, meaning you can have a simple will created at no cost.
You can use this free will to decide which beneficiary gets what, if you donate part of your estate to charity, and so on. Do keep in mind if you have a more complex case, there are some upcharges, but for most a charity will service is more than enough to help you get your affairs in order without cost.
Deal with Debts
You can get a lot of debt forgiven, so long as you start the process now. Working to wipe your slate clean of as much debt as you possibly can now – while you can still advocate for yourself – will mean less is put on your family after you die. This doesn’t mean they will inherit your debt necessarily, but that debtors get first priority to your estate, no matter what the will says.
Get in Touch with a Financial Advisor
Dealing with issues like inheritance tax can be a gruelling, frustrating experience. If you want to minimise the amount of tax your family will have to cover in case you pass on, it’s important that you get in touch with a financial advisor. Work with them to maximise your estate so that as much of it as possible can actually be passed on to your family.
Decide on the Medical Intervention You Want to Receive
With your financial and legal matters sorted, all that is left is for you to decide how you wish to live out the rest of your life. This must start with medical decisions. Make a note about whether you wish to be resuscitated, what your wishes are if you are in a coma, and so on. You may or may not decide to undergo treatment. All of this must be decided, and then explained to your family. Make sure you have your decisions in writing, and if possible send them to your health team so they can respect your decisions first.
About the Author
Cassandra is a graduate of Royal Holloway, University of London, and King’s College London. Since graduating, she has worked as a content writer for many industries, including health and legal, providing actionable, practical tips and guides.
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