You already know that taking care of your health allows you to prolong your life and enhance your quality of life. But have you given serious thought to how your health directly impacts your future? Your legacy? The ones you love the most?
The Link Between Your Health and Estate Planning
Let’s take a look at the direct link between your physical health and estate planning. You’ll come to see that by prioritizing your physical health, you can not only enjoy life with more ease, but also avoid complications in your estate planning.
Longevity and Retirement Savings. Your physical health has a direct impact on your lifespan, which in turn affects how long your retirement savings need to last. If you maintain good physical health, you’re likely to live longer and will need a more extensive plan regarding your assets for your longer life.
Healthcare Decisions. Consider the potential need for long-term care. Alzheimer’s or dementia could require long-term care solutions that you may or may not choose. In your estate plan, it’s crucial to not only make sure you’re financially covered for these possibilities, but to also ensure you’ve made it clear how you want to be cared for if you cannot make decisions for yourself. There comes a point in time at which it’s too late for you to make your wishes known.
This is why you need a healthcare power of attorney or a living will in your plan. These are documents that designate the person (or people) you choose to make medical decisions on your behalf if you’re unable to do so. Your designated healthcare agent (or agents) will not only ensure that your healthcare preferences are respected but will also align your medical treatment with your personal wishes. Without these documents in place, a judge (i.e., a complete stranger) could appoint someone to act on your behalf. Maybe even someone you don’t trust or wouldn’t want making decisions for you. Or, in a worst case scenario, a judge could even appoint a professional conservator who could drain your estate financially.
Disability and Its Impact. Poor health can sometimes lead to disability, affecting your ability to manage your own affairs. Including a disability clause in your estate plan ensures that your assets are managed according to your wishes, even if you’re not able to oversee them personally. A revocable living trust can be particularly useful here, as it allows your chosen person or entity to manage your affairs without the need for court intervention. Again, without a plan in place, a judge will make decisions for you, and those decisions may not be what you want.
Practical Steps to Integrate Health and Estate Planning
If you haven’t planned for the future, here are some practical steps you can take now.
Schedule Regular Check-Ups. It may seem obvious, but regular medical examinations are vital. They not only help in detecting illnesses early but also provide a clear picture of your health, which, as we’ve discussed above, is crucial for accurate estate planning. If you discover a new health condition, you can plan accordingly when you’ve caught it in time. If not, it could be too late to get your plan in place.
Update Your Estate Plan Regularly: As your health changes, so should your estate plan. Make it a habit to review and update your plan on a regular basis or whenever there is a significant change in your health. We always include a free review of your plan at least every three years. This ensures your plan works because it will be updated as your health, life, and assets change over time. Without updates, your plan will fail, sending your family to court and increasing the probability of conflict.
Discuss Your Plans Openly: Talk with your family about your healthcare wishes and how they relate to your estate plan. Taking this courageous, and maybe uncomfortable, step makes a big difference when it comes to decreasing the likelihood of conflict in your family. Make sure to discuss your preferences for end-of-life care, which can create conflict in your family if you haven’t clarified your wishes.
Consult A Professional Who Has Your Best Interests in Mind: We approach estate planning from a place of heart, always keeping your best interests, and by extension, your loved ones’ best interests, in mind. We not only help you to get your plan in place, but also help you keep your family out of court and conflict so your legacy is one of love and care. We can also help you navigate difficult discussions with your family about your wishes, so you can feel confident knowing you’ve done all you can to preserve the family bonds.
How We Support You and Your Loved Ones
We recognize the integral connection between your physical health and your estate planning needs. Our commitment goes beyond mere legal documentation; we aim to ensure your life’s work and values are preserved with dignity and clarity. By understanding the specific challenges and opportunities that arise from your health, we tailor estate plans that not only protect your assets but also your well-being and your family’s future.
AB Law, PLLC is a full-service business law and estate planning firm that serves clients throughout Texas. All consultations are free and no question is too silly, ridiculous, or complex. https://calendly.com/ablawpllc www.ab-firm.com