To Do List
What Should I Do If I Face a Terminal Illness?
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Here's a quick list of items you should make sure to address when dealing with your question or concern.
Work up a comprehensive list of the individual's net assets and benefits, as well as the locations and account numbers of all financial statements and important documents. You don't want to leave your loved ones (or be left) with a disorganized jumble of paperwork.
Take stock of your household financial situation. Chart the inflows and outflows of your money, and try to stick to a budget. It's more important than ever to live within your means and save as much as possible.
Build up an emergency reserve of cash. Given the likelihood of unexpected expenses, you should probably make this reserve at least six months' worth of expenses.
Consult a professional financial planner. A professional can help your family assess not only their current situation but their future one. This individual can look at the broad picture and make recommendations for proper allocation of assets.
Have your attorney update your living will and durable power of attorney for property and healthcare, so that those documents reflect your current wishes. Ensure that all assets and accounts are held in the names of those most appropriate, given your situation.
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