When your parent or loved one is
diagnosed with mesothelioma, it can take everything in you just to cope with the day-to-day medical appointments and health care needs.
Then there are the financial strains on your family and the looming concerns of what’s to come.
As difficult as it may seem, it is important that you take the time to discuss your loved one’s wishes for end-of-life care and
estate planning.
Making such important decisions now
will allow you and your loved one to take some control over what happens in the future, rather than leaving important decisions for your family members or in the hands of a judge.
You should also know that financial relief is available for many mesothelioma patients and their families.
Contact us now to learn about your family’s options for pursuing compensation for the harm you have suffered due to this
devastating asbestos disease.
Your Estate Planning Checklist
There are several steps you should take to help your loved one get his or her affairs in order.
In many cases,
patients have already taken some of the steps, but it has been years since they reviewed their documents.
It is important that even if your parent or loved one has an estate plan, you review it to ensure it is up to date and you understand their wishes.
Some of the questions you should ask about estate planning include:
Questions & Answers
Have you discussed the option of setting up trusts?
Setting up a
trust is a common way to protect a person’s assets from going through the probate court process. Many
patients also choose to establish a “living
trust,” which allows them access to their assets but also names a “trustee” to handle the
trust after their death.
Does the mesothelioma patient have a will?
Often called a last
will and testament, your loved one’s
will should give details on how assets should be distributed and who
will care for any minor children.
It should name an executor of the
will, and it may contain other specific details on how your loved one wants the
estate to be handled.
If your loved one dies without having a
will in place, all the decisions about the
estate and minor children
will be made by the court. Your
state’s “
intestate succession” law
will dictate the
estate heirs, rather than your loved one getting to choose.
Have you considered what taxes may apply to your loved one’s estate?
Although most people’s
estates do not reach the threshold for paying the federal
estate tax, you may need to plan for
estate tax or
inheritance taxes in your
state. Mesothelioma settlements are not taxed as income, but may be subject to
estate tax.
Does your loved one have a health care proxy and end of life directive in place?
The thought of
mesothelioma leaving your loved one incapacitated is frightening, but it can bring a sense of relief to know what your loved one would want in case this happens.
You should talk to your parent about his or her wishes for medical care, including the use of “extraordinary measures” to sustain life. Your loved one should designate a
health care surrogate, which gives medical
power of attorney or
health care proxy to someone who can make important decisions in case the
patient can no longer communicate.
Your loved one should also complete a living
will,
advance directive, or
personal directive which
states what should happen at the end of life.
Have you talked about making final arrangements?
This is one of the most difficult topics to discuss. However, it is important that you know what the
mesothelioma patient wants and what to expect financially. Decisions about funeral costs, cremation and organ donation can weigh heavy on a family, but making
plans in advance can ease some of that burden when the time comes.
Does the mesothelioma patient have a power of attorney?
In addition to decisions about
health care, your loved one
will need to decide how finances and legal affairs should be handled in case he or she becomes incapacitated. This means designating a trusted person to have
power of attorney.
Your family may also discuss the option of adding a trusted individual’s name to bank accounts and other assets. In addition, the
patient may want to designate beneficiaries or update beneficiaries on
retirement accounts,
life insurance policies, stocks and bonds, and certificates of deposit. Decisions should also be made about succession in any family businesses.
Do you know where all the important documents are?
Gather all the important
estate planning documents and keep them together in a safe place. This includes your loved one’s
will,
advance directive,
life insurance documents, financial statements,
retirement account information, and any other relevant information. Even if your loved one worked with an
attorney to create a
will, do not assume that the attorney has all the necessary
estate planning documents.
Need Help with Estate Planning?
The costs associated with caring for a person diagnosed with
mesothelioma can leave a family stretched thin. It can be difficult to think about planning for the future when you’re just trying to get through today. However, making a
plan for your loved one’s estate
will take some of the burden off your family and it
will ensure your parent or loved one’s wishes are honored. We can help advise you on
estate planning and can also recommend specialists in
estate planning.
If your family is coping with a
mesothelioma diagnosis, you should know that you may be entitled to compensation from the
asbestos companies that put your loved one’s health in jeopardy. Contact us today to discuss how we can help take the financial pressure off you.
