Estate Planning Mistake #1Failing to Address Healthcare Decisions
It is a fact that most of us do not want to think about the end of our life, the death of our parents or our spouses suffering from a life-ending disease. We also do not want to lose control.
Sickness, frailty and death are not easy to accept, but without proper planning, you could lose control of your finances and your healthcare decisions. The purpose of estate planning is to put your affairs in order so that if something should happen to you, your wishes regarding your healthcare interventions and the management of your assets will be implemented. This will prevent delayed decisions, guilt, uncertainty, conflict and expensive legal battles between your family members and loved ones.
I recently had the opportunity to speak in front of an audience about what I do. Of all the possible topics I could have spoken about, I chose to discuss the “12 Most Common Estate Planning Mistakes That People Make and How to Avoid Them.” I decided to present on this topic because so few people plan for their last years, and it causes an incredible amount of pain and conflict for themselves and their family members.
The presentation was recorded, and I will be providing it here on my blog in 12 segments. Each segment will focus on one common estate planning mistake, starting with a failure to address healthcare decisions.
When you are healthy, it is easy to assume that you will have time in the future to create a living will or to appoint a healthcare decision agent. Yet, all it takes is a bad car accident, a fall, a heart attack or a stroke, and you could become incapacitated and unable to make decisions for yourself.
If you haven’t created a healthcare directive, it may be unclear who should make healthcare decisions for you or what types of medical interventions you want for yourself. If different family members disagree, they may eventually end up in court.
The video below goes into more detail about the many problems that occur when you don’t provide clear instructions about your healthcare preferences and some easy solutions to make your wishes clear.
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