Financial Moves For the Terminally Ill
A recent article in Forbes points out that the terminally ill face several financial and estate planning
questions that, though not often spoken about, are very important. If you've been diagnosed with a
terminal illness, it's important to speak to an estate planning attorney as soon as possible so you can
begin addressing key concerns that will not only affect you, but also your family.
Move 1: Prepare for probate.
If you haven't created a Will, trust, or other estate planning device, you may not know much about
probate. Essentially, probate is the set of laws and procedures that apply once you die leaving behind
property. To determine who should own that property, the court will have to follow specific probate
procedures. These procedures can take a lot of time and money, and avoiding probate is often one of
the key goals of many estate plans.
Move 2: Review beneficiary information.
With any transfer on death accounts such as a life insurance policy or retirement plan, you'll want to
review who you have named as your beneficiary. If the beneficiary is a child or someone under the age
of 18, you'll probably want to change the beneficiary designation. Children cannot legally inherit
assets directly, and if you name a child as beneficiary the courts will have to choose a guardian who
will manage the property until the child becomes an adult. This can take a lot of time and cost even
Experienced estate planning attorneys Seattle WA of the Byrd Garrett PLLC offers estate planning and
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