5 Tips to Financially Plan for the Terminally Ill

No one enjoys thinking about it, but when a loved one has passed away, it's best to have a plan of action that already exists. In this blog, your bank at the Lake of the Ozarks will discuss steps to take in order have financial peace once a loved one has been diagnosed with a terminal illness.

1. Be sure to create or update a will.

Creating a will is one of the most important things you can do if terminally ill. A will ensures your things will go where you intend them to. If you have an existing will, make sure it's up to date. Many major life changes could have occurred since you last looked at your will, so it's important to make sure everything is accurate.

2. Make sure passwords are passed along.

It can be a nightmare if your loved ones don't have access to your accounts. The best way to avoid this is to make a list of passwords and give it to a trusted loved one. This will help ensure that all bills get paid in a timely manner upon hearing of your diagnosis.

3. Get medical directions in order.

Nothing is worse than not being able to have a say in your own medical matters. It's best to do the following, just in case:

• Add instructions in your living will that indicate what kind of medical care you want in case you become incapable of communicating. This could include a "do not resuscitate" if you so choose.

• Prepare a medical power of attorney. This will ensure someone you trust will make medical decisions for you if you are unable to do so.

4. Set up a revocable trust.

Setting up a revocable trust is a good idea if you have important assets. All your assets will be put into a trust in your name and you will receive income distributions from it until your death. At that point it will be passed down to the beneficiaries you name. In the meantime, you can name a co-trustee to help manage your affairs in case you become incapacitated.

5. Leave instructions.

Don't forget to leave instructions for your loved ones. It can be hard to make decisions at such a difficult time. A list of instructions concerning your funeral arrangements, financial decisions, etc. will be more beneficial that you realize.Your loved ones will appreciate the burden taken off their shoulders and they grieve. 


If you are ever in need of financial guidance or just have banking questions, visit our friendly banking staff at the Lake of the Ozarks. We are here to help you with any concerns or questions you may have in regard to financial planning or banking.


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