Some of the most current research in Australia suggests that at least half of Australians don’t have a valid will. That means when they die without consulting financial planners and legal experts, their loved ones likely don’t know what their wishes are or how they would have wanted their assets to be divided.
Sometimes, it’s not until you become ill that you realise how important having an estate plan can be. By then, you may find yourself struggling to put a plan in place to help your loved ones. If you need a helping hand, some of the information below may be useful.
Make a Medical Treatment Plan
Making a medical treatment plan is one of the most important things to do when you find out you’re sick and begin estate planning. Discuss with your family what your wishes are, including the treatment you would want to have as you reach the end of your life.
Many people include explicit instructions in their medical treatment plans, such as a do-not-resuscitate (DNR) order, not being tube-fed to be kept alive, and not being kept alive artificially on machines.
You may have mentioned this information in passing to a family member or two, but having it written down in a valid will and estate plan that you’ve put together with legal experts like financial planners can mean your wishes may be more likely to be followed.
Make Plans For Your Organs
Around 1,600 people are waiting for a life-saving organ in Australia, yet only around two per cent of people who die in Australian hospitals are eligible for organ donation. If there’s a chance that you might be, consider adding this information to your estate plan.
