Whether you are creating a new estate plan or updating your current estate plan, experts suggest taking your health into consideration. A person without any major medical issues may not have the same requirements or expectations as someone with a serious medical condition and/or shorter life expectancy. Here are a few things to consider as you address the parts of your estate plan that deal with your health:
- Medical care expenses: Making sure you have enough money to pay for medical care is an important part of the estate planning process. When deciding how much money to put aside, think about how often you like to go to the doctor. A person who avoids the doctor as much as possible may not need to put as much money aside as someone who goes more often.
- Creating a will and powers of attorney: If you are a person with significant health issues, it is especially important for you to address issues directly pertaining to end-of-life care. A will can be used to distribute your assets to your loved ones once you have passed away, while medical and financial powers of attorneys can be used to give someone the power to make decisions on your behalf if you are no longer capable of doing so.
- Get insurance: If you have a significant risk factor for a serious health condition, you should consider signing up for life insurance and short-term and long-term disability insurance before you are diagnosed.
While you may not have a serious medical condition now, there is a possibility that you will develop one in the future. Regularly updating your estate plan to account for any changes to your health and life in general is very important. An estate planning attorney in New Jersey can help keep your plan up to date.
