Estate Planning Issues When a Loved One Has a Long-Term Illness

No matter if it is arthritis, Alzheimer’s, or multiple sclerosis, long-lasting medical conditions should influence how an estate plan is written. This is an important issue because millions of individuals are living with chronic illnesses.  The following will review some of the important steps that individuals who suffer from chronic conditions should follow when estate planning. The Role of Revocable Trusts A number of estate plans utilize revocable trusts. One of the primary purposes of a revocable trust is to avoid the costs and other challenges that can arise during the probate process.  Many people with chronic medical conditions discover that revocable trusts are a powerful way to plan for the succession of finances. Some individuals with revocable trusts even decide to appoint trust protectors who help to safeguard the trust. The Role of Living Wills A living will is a document that contains a person’s health care wishes, including end-of-life issues. These documents can also reflect a person’s religious beliefs. For individuals with chronic health issues, there are unique considerations involved with living wills including how potential unique complications with a disease should be handled.  There also might be certain courses of treatment that are anticipated when a disease [...]