What does a diagnosis mean for your estate plan?

If you receive a significant medical diagnosis, your first step is likely to work with your medical team to consider different care options and your prognosis for recovery. But it can also have an impact on your estate plan. It is wise to consider some of the ways that this diagnosis could affect your estate planning goals moving forward.

Naturally, exactly what steps you take will depend on your unique situation and the specific diagnosis you received. But below are two main things to keep in mind.

Making future medical decisions

First of all, you may want to consider your medical future and how decisions about care will be made. For instance, if you draft a living will, you can make some of these decisions in advance. Perhaps you do not want to be kept on life support, and your living will can indicate this to your medical team if you become incapacitated.

Another option is to use a power of attorney. You choose an agent who will make medical decisions on your behalf if you are unable to do so. After the diagnosis, you can talk with your agent about what your future looks like, what care you would want, and if they are willing to take on such an important role.

Testamentary capacity

It may also be time to think about testamentary capacity, which is necessary for estate planning. For instance, if you have been diagnosed with a degenerative brain disease, you still may be of sound mind today and able to make an estate plan. But as the disease progresses, your testamentary capacity could be called into question. This makes it important to work on your estate plan early so that it is clear to your family that it reflects your true wishes.

Getting a proper estate plan in place is very important, both for your future and for your loved ones. Take the time to carefully look into your legal options.