As we grow older, many of us start thinking about estate planning, and for good reason. There are plenty of tax and financial benefits to getting our affairs in order, but it can be just as much about preserving our loved one’s well-being and shielding them from avoidable pain.
When a family member is ill or passes away, the decisions that need to be made can be overwhelming. By planning ahead, you are doing a tremendous service to the people you love.
Decisions in tough times
When someone becomes seriously ill or passes away, family members face heartbreaking decisions related to a patient’s health care. Without clear guidance, these choices can create significant stress:
Medical decisions might include:
- Whether to continue life support
- If feeding tubes should be used
- What pain management options to pursue
- When to transition to hospice care
- Which treatments align with your values
Your loved ones want to honor your wishes, but without clear instructions, they must guess what you would want. This uncertainty adds emotional weight to an already painful situation.
Final arrangements create additional pressure. Your family must decide on matters like burial or cremation preferences, how to honor your memory and how to cover the related financial obligations – all while grieving.
Further, these decisions can cause or exacerbate conflict between family members who disagree about what you would have wanted.
How estate planning helps
An estate plan lets you make these difficult decisions ahead of time. Clearly stating your wishes removes the burden from the people you love. You choose who will make decisions if you cannot. You can prevent disagreements and ensure your desires are honored by including the following:
- Advance directive: This details your wishes for medical care if you are unable to communicate.
- Power of attorney: This names someone to handle your finances if you cannot.
- Will/trust: These documents outline how you want your assets distributed.
Having these documents in place provides clarity and direction, which can be of great relief to people overwhelmed with loss.
Start the conversation with loved ones today. Share your wishes, select your decision-makers and work with a qualified estate planning professional. The peace of mind you provide your family will far outweigh any discomfort in addressing these topics now.