Protecting Yourself After A Life Changing Diagnosis
When you receive a serious health diagnosis, it can change more than just your immediate life and medical care routine. It has a huge impact on all aspects of your life moving forward.
And sadly, a diagnosis that is life-changing or life-limiting can force you to look at things in a new light and address things you didn’t think were something you needed to look at now or in the immediate future.
And the hard truth is this: you need to put protection in place for yourself and your finances sooner, while you still have the ability to do so. It’s not worst-case scenario planning, it’s protection for you, your loved ones and everything you hold dear.
Put Power of Attorney in Place Early
Once you have a definitive diagnosis and an idea of your future, you need to look at talking to powers of attorney solicitors as soon as you can. This means that you nominate someone to make decisions on your behalf when you can’t. It’s having a legally nominated person to help you with managing bank accounts, debts, paying bills, handling properties or other affairs, etc.
Without this, no one, not even close family members, can make decisions on your behalf. They have no legal authority to act and would need to apply to the Court of Protection, which can be slow and time-consuming.
Review and Update Your Will
Having a will isn’t enough. It will need to be reviewed and updated now and as frequently as things change. A serious diagnosis could mean you need to enforce this sooner than you anticipated, so getting everything sorted legally is a priority.
Look at changes in relationships, children that weren’t on the will previously or even grandchildren. Update assets, look into options for your estate so you’re not stung with excessive taxes or your family isn’t locked into disputes once you’re gone. Clear, up-to-date wills hold up in court, and a solicitor can work with you to create a legally binding will that covers all your bases as often as you need to change things.
Sort Financials
Now is the ideal time to go through your finances and get things in order. You need a clear list of your income, debts, investments, etc. Collate details on your insurance covers, savings, pensions and monthly commitments.
This allows you to spot pressure points immediately and put plans in place to help you organise finances to make life easier during this time. Especially if you need to give up work, or you will experience a change in quality of life.
Understanding your options sooner rather than later gives you more choice, more flexibility and gives you time to make appropriate changes.
Make Access Simple
All those things you kept secret? Get them uncovered. You don’t need to tell the world, but telling trusted people, even if it’s one family member or your solicitor, is beneficial. This way, when things need to be accessed by others, they are easy to find.
