Receiving a terminal illness diagnosis can be an incredibly difficult and overwhelming time. There may be medical decisions to make, conversations to have with family and a great deal to process emotionally. Legal and financial paperwork may understandably be far from the first thing on your mind.
However, putting certain arrangements in place while you are able to make your own decisions can give you greater control over what happens in the future. It can also provide valuable clarity for the people closest to you. There is no single checklist that will be right for everyone. Your priorities will depend on your family, finances, property, business interests and personal wishes. However, there are several areas worth considering.
Review or Make Your Will
If you already have a will, this may be a good time to review it. Consider whether it still reflects your wishes. Are the people you want to inherit from your estate correctly named? Are you still happy with your chosen executors? Have there been significant changes to your family or financial circumstances since the will was prepared? If you do not have a valid will, your estate will generally be distributed according to the intestacy rules. This can be particularly important if you have an unmarried partner, children from a previous relationship, business interests or other circumstances that make your estate less straightforward. A professionally prepared will can help make your wishes clear and reduce uncertainty for your family.
Consider a Lasting Power of Attorney
A Lasting Power of Attorney, often referred to as an LPA, allows you to appoint people you trust to make certain decisions on your behalf. There are two types of LPA in England and Wales. A Property and Financial Affairs LPA can cover matters such as managing bank accounts, paying bills, dealing with pensions and managing or selling property. A Health and Welfare LPA can cover decisions about matters including your medical care, where you live and your day-to-day care. You can also decide whether your attorneys should have authority to make decisions concerning life-sustaining treatment. Importantly, you need to have the required mental capacity when you make an LPA. This is one reason why it can be sensible to consider putting arrangements in place sooner rather than waiting until somebody needs to act on your behalf.
Think About Your Wishes for Future Care
You may also want to consider what you would like to happen if you become unable to communicate your wishes about your care. This could include discussing your preferences with your family and medical team. Some people choose to make an advance statement setting out their wishes, preferences, beliefs and values concerning their future care. An advance decision is different. It can be used to refuse specified medical treatment in particular circumstances in the future, provided the relevant legal requirements are satisfied. Your medical team can help you understand the healthcare implications of the choices available to you, while appropriate legal advice can help ensure your wider arrangements work together.
Get Your Financial Affairs Organised
It can also be helpful to make your financial affairs easier for your family, attorneys or executors to understand. Consider keeping an organised record of your important financial arrangements, including bank accounts, investments, pensions, insurance policies, property and significant debts. This does not mean giving other people access to your passwords or sensitive financial information unnecessarily. The aim is simply to make it easier for the appropriate person to identify what exists when they need to. You may also want to consider digital assets, online accounts and other aspects of your digital life.
Consider Any Property You Own
Your home is likely to be one of the most valuable assets you own. If you own a property jointly with somebody else, it can be helpful to understand exactly how that property is legally owned and what would happen to your share after your death. The position can differ depending on whether a property is owned as joint tenants or tenants in common. This should be considered alongside your will and wider estate planning.
If You Own a Business, Plan for That Too
For business owners, personal estate planning may only be part of the picture. What would happen to your business if you became unable to work? Who would have authority to make important decisions? What would happen to your shares or partnership interest after your death? Do your shareholder or partnership agreements work alongside your will?
Thinking about these questions in advance can help protect the business you have worked hard to build and provide greater clarity for your fellow owners, employees and family.
Talk to the People You Trust
Some of the most useful planning does not involve legal documents at all. Speaking to your partner, children, executors or proposed attorneys can help them understand your wishes and give them the opportunity to ask questions. These conversations may not be easy, but they can remove uncertainty later. The purpose of planning ahead is not simply to complete paperwork. It is to make sure your wishes are understood and to make an already difficult time a little clearer for the people you care about.
How Rohan Solicitors Can Help
Receiving a terminal illness diagnosis can make legal planning feel particularly difficult. You do not have to work through everything at once.
At Rohan Solicitors, our experienced team can help you review the arrangements you already have in place, identify areas that may need attention and prepare appropriate legal documents for you and your family.
Whether you need to make or update your will, consider a Lasting Power of Attorney or discuss your wider estate planning, we are here to guide you through the process with sensitivity and care.
If you would like to discuss your circumstances privately, please contact our team.
01444 450901
