If you have received a cancer diagnosis, you may naturally be thinking about the future. A diagnosis of this type is often what prompts people to start their estate planning when they haven’t done so before.
The odds are high, of course, that you’re going to be fine. Modern medicine is incredible, and strides are made every year to increase how well we can treat cancer. While every case is different, survival rates for cancer are better than most people assume. For instance, the survival rate is 77% for bladder cancer. The vast majority of people get treatment and recover.
Even so, a serious diagnosis can serve as an alert that tells you it’s time to at least consider your estate plan, and you need to know what that means in your case.
Your estate plans should involve far more than a will
First and foremost, an estate plan is much more than just a will. Yes, dividing your assets among your heirs is important, but you may also want to consider:
● Long-term care planning for yourself
● Using trusts to hold assets for any heirs who are still minors
● Dividing your business interests and setting up a succession plan
● Picking a guardian for your children if you pass away before they’re grown
● Setting up powers of attorney – medical and financial – so that others can take action on your behalf if you’re incapacitated for any reason
● Using an advanced medical directive to direct the type of care you desire if your condition deteriorates
Estate planning is a comprehensive process that focuses on your entire future. It puts you and your family in a position to thrive, no matter what happens. If your diagnosis has prompted you to take action, working with an experienced advocate can help you explore all of your options and develop a comprehensive estate plan that is tailored to your needs.