VIEWS: 5 PAGES: 1 CATEGORY: Legal POSTED ON: 7/14/2012
Receiving a diagnosis that you have a terminal disease brings about numerous changes in your life, but financial planning typically doesn't make it to the top of your list
Terminal Illness and Finances – 3 Tips Receiving a diagnosis that you have a terminal disease brings about numerous changes in your life, but financial planning typically doesn't make it to the top of your list. However, ignoring financial issues can be a serious mistake. A recent Forbes article points out several helpful financial tips for those who have been diagnosed with a terminal disease. Though there are numerous issues you want to address, here's a brief list that may help you get started. Tip 1: Anticipate probate. In every state, your assets will be distributed to new owners after you die in accordance with your state probate laws. However, probate procedures differ between states, and each state has a different set of procedures depending on different circumstances. If you haven't developed an estate plan that will allow you to avoid probate, you may be able to simplify the process by choosing a more simplified version of probate then the traditional formal approach. Doing this will save your family time and money. Tip 2: Review insurance policies. If you have a life insurance policy, or any other assets that name a beneficiary upon your death, you will want to review those and choose someone who is able to inherit. For example, if you have a transfer on death account and the beneficiary is no longer able to manage their own money, or which names someone under the age of 18, you'll want to change the name to ensure that a competent adult inherits the property. Otherwise, a court will have to name a guardian to manage the assets for the young or incapacitated person. Experienced estate planning attorneys Greensboro NC of the Law Offices of Cheryl David offers estate planning and business planning resources to residents of Greensboro NC. To learn more about these free resources, please visit http://www.cheryldavid.com today.
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