Why a Will Isn’t Enough When Facing a Progressive Illness

A will is critical to have but sometimes a will isn’t enough.

A will isn’t enough if there are other factors to consider as we age through life or facing special circumstances. When diagnosed with a progressive illness, the real mystery lies in the rate at which the illness may progress.

A comprehensive estate plan becomes critical if you’re diagnosed with cancer, Alzheimer’s, Parkinson’s, multiple sclerosis, or any other progressive illness.

Many believe a will is enough to protect loved ones. Yet, in some cases that will isn’t enough. I’ll reveal why and if you still have mental capacity to make important decisions, I encourage you to read on. Then, I urge you to act without delay.

The Limitations of a Will-Only Plan

A will is a legal document that takes effect only after death. It allows an individual to specify how their assets will be distributed, name guardians for minor children, and appoint an executor to carry out their instructions. While these are important functions, a will does nothing to address your needs if you are still living and become mentally and/or physically incapacitated. The loss of mental capacity is highly likely with a progressive illness.

If you become unable to make decisions, a will provides no authority for another person to step in and manage your finances. Furthermore, it can’t dictate who makes decisions regarding your medical care or who handles your daily needs.

In such cases, families often must go through a time-consuming and costly court process to establish a guardianship or conservatorship. This legal hurdle can be emotionally draining and financially burdensome during an already challenging time.

Additionally, a will does not provide any guidance for managing or protecting assets while you’re are still alive. Furthermore, it doesn’t coordinate benefits like Medicaid, Medicare, or long-term care planning. All these things are likely essential for anyone with a progressive illness.

The Benefits of Trusts in Progressive Illness Planning

Creating a comprehensive estate plan is vital. Such a plan often includes a revocable living trust or specialized irrevocable trust. Additionally, it provides for the ongoing management of your financial affairs during the remainder of life and after death. These types of trusts offer flexibility, protection, and peace of mind. These are welcome qualities especially when managing a progressive illness,

One of the primary benefits of a trust is that it allows the grantor (the person creating the trust) to name a successor trustee who can seamlessly step in to manage the trust assets if the grantor becomes incapacitated.

This avoids the need for court intervention and ensures that bills are paid, investments are managed, and care needs are met without interruption.

Trusts can also be tailored to plan for long-term care expenses. For example, certain irrevocable trusts can help individuals qualify for Medicaid by sheltering assets from being counted during the application process.

This strategic planning can make the difference between preserving a lifetime of savings and spending it all on nursing home care. Additionally, trusts can incorporate specific instructions for care coordination, housing, and quality of life preferences. When designed to work in tandem with powers of attorney and healthcare directives, trusts form a truly comprehensive plan.

Don’t Depend on “Will” Power

While a will is a fundamental estate planning tool, it is not enough whether facing a progressive illness or not. Trusts offer essential protections that address incapacity, long-term care needs, and ongoing asset management. By incorporating trusts into a well-thought-out estate plan, you can ensure that your wishes are honored, your end-of-life care is coordinated, and your loved ones are spared from unnecessary legal and financial hardship. If you or someone you love has recently been diagnosed with a progressive illness and still have mental capacity, now is the time to create a plan that will provide the peace of mind you deserve. Call my office today at (470) 235-7868.

Looking to find an experienced estate lawyer in the Georgia area who is skilled in asset protection and estate plan preparation? Shannon Pawley is an attorney in Georgia with expertise in estate planning and asset protection. Shannon can provide assistance with creating an estate plan to include making a will and how to establish a trust properly. If you have questions about asset protection or questions about making an estate plan, reach out to Shannon and she will be glad to help answer all the estate planning questions you might have!