Building a team to help you navigate the financial, legal, medical, and personal decisions ahead
A terminal diagnosis brings with it so many heavy layers of emotion. It’s natural to feel incredibly overwhelmed, especially as you are in the early stages of processing this news. It can feel as if you have lost control of everything and at the same time must take care of so many things.
Whether the diagnosis came completely unexpectedly or followed months of tests and uncertainty, hearing that you now have a terminal condition can make it hard to know where to turn first.
You do not have to figure everything out at once. While you may have a long list of things you believe you need to do, you do not necessarily need to do all of them today. An important first step is to begin assembling the right people around you.
1. Start with the people closest to you.
Who will be traveling this path alongside you? Is it your spouse? An adult child? A trusted family member or friend? These are the people to speak with first. In addition to the emotional connection you share, these are the individuals who will be helping you navigate decisions and who need to understand your wishes. These can be difficult conversations, but they are vital to have as early as possible.
It is essential to discuss any roles you may want your loved ones to take on, such as serving as executor of your estate or trustee of a trust. You should also consider who you would want to serve as your healthcare proxy if you become unable to make or communicate medical decisions for yourself. There are estate planning documents that can formally authorize the people you have chosen to act on your behalf when appropriate. Your financial advisor can help you review your existing documents and identify areas that may need attention or updating, but this process begins with you having discussions with your loved ones.
2. Talk with your medical team about what comes next.
Your doctor can help you understand your prognosis and anticipated care needs. After receiving a terminal diagnosis, you will likely have many questions, and your medical providers will be an important source of ongoing support. Not only is this all new to you, but it is also unique to your specific health. No two people have the exact same experience dealing with an illness, and your condition and care needs may require continued reassessment along the way. As your medical team helps you manage your physical symptoms, they can provide more specific information as your condition changes. This may include discussing palliative care and, when appropriate, hospice care.
3. Bring your financial advisor into the conversation.
Your financial advisor can help you step back and see the entire financial picture when you’re understandably focused on everything else. Managing the physical challenges of your health and the emotions of the situation can make it difficult to know what to prioritize.
Your advisor can take the information you have received from your medical team and use it to help you plan for the days ahead. There is no single financial timeline following a terminal diagnosis. Some illnesses progress rapidly, while others may require care and financial planning over a much longer period.
Your advisor can help you in multiple ways.
- They can review your existing insurance policies and help you understand what coverage or benefits may be available to you.
- They can help you identify and plan for both anticipated expenses and current financial needs.
- They can review your estate planning documents to help ensure they are complete, up to date, and accurately reflect your wishes.
- They can help you identify when you may need guidance from other professionals, such as an estate planning attorney or insurance professional, and help coordinate those conversations.
- They can review your cash flow, investment accounts, and retirement assets and help you manage your financial resources with both your current needs and your family’s future stability in mind.
One of the biggest advantages of turning to your financial advisor during this difficult time is that they can help you identify what needs immediate attention and what is less urgent. They can help guide you through these challenges while also supporting your loved ones through each step.
4. Speak with your estate planning attorney.
Your financial advisor can help you review your estate planning documents and make suggestions for how they fit into your overall financial strategy. Your estate planning attorney can help you to create or update these important documents. These may include a last will and testament, a trust or trusts, financial power of attorney, healthcare proxy, and a living will. They can also provide guidance on guardianship for minor children, beneficiary designations, probate strategies, and trust administration. Your estate planning attorney plays an important role in ensuring that your intentions are properly documented and that your estate plan is structured to carry them out.
5. Include your CPA or tax professional when appropriate.
Financial decisions made during this period can have tax consequences, particularly if there are significant assets, business interests, appreciated investments, charitable plans, retirement distributions, or estate considerations. Your financial advisor, estate planning attorney, and CPA may need to coordinate to provide you with the best possible management of your resources.
Use your team to help you through.
Traveling this road can be intimidating and frustrating, but you do not have to go alone. If you receive a terminal diagnosis, the last thing you want to introduce into your life is more complexity. Gathering a network of financial, legal, and medical professionals can offer a measure of clarity. Turning to this team for guidance through this difficult time can give you more space to concentrate on your health and the people you love. If you would like to learn more about how we can help you, please contact us.