Estate Planning and Trusts When You Have Colon Cancer

Estate planning and trusts is a difficult reality to think about when you have colon cancer. Yet, many cancer patients, in advanced stages, are wise to get their affairs in order. If you have been diagnosed with colon cancer, it is important to consider how your relatives will handle your legal and monetary affairs after your death.

The Estate planning and trusts paperwork is already in your house.

By making plans now, you may spare your loved ones some difficult decisions. The first thing is to gather all of your bills, titles, deeds and other paperwork. By making sure that all important paperwork are in one place, you ensure that your loved ones will be able to collect any life insurance.

Important documents and information to gather include:

• Life Insurance Policies
• Health Insurance Policies
• Asset Titles
• Banking and Investment Account Statements
• Deeds of Trust
• Personal Information
• Internet User Names and Passwords
• Contact Information for Banks, Insurance Agents, etc.

Personal information is just as important. This includes:

• Your Full Legal Name
• Legal Address
• Date and Place of Birth
• Social Security Number
• Names and Addresses of Spouse and Children
• List of Employers and Dates of Employment

Keep Paperwork Safe and Organized

It is important to keep your paperwork safe. But do not put it in a safety deposit box; banks often freeze these after the holder dies, and this can create legal problems. Keep them in a fireproof box in your home, or with the relative who will execute your estate. Write down detailed instructions – attached to the paperwork – on how you want your investments handled when you pass. Make sure that all important paperwork is in the box and tell your relative where it is stored.

Update Beneficiaries

Make sure that all beneficiaries are named correctly, especially regarding your investment accounts. This will allow your funds to change ownership without having to wait for the estate to be settled.

If you already have a will, make sure you update it right away. Make a list of the changes you want and bring them to your lawyer. If you do not have a will, be sure to have one made. It is best to hire a competent attorney to avoid legal problems with your will in the future; estate laws change frequently.

Financial Power of Attorney

When you set up or update your will, arrange for a financial power of attorney. It is important to have someone handle your financial affairs if you become unable to do it yourself. Because you may be dealing with ongoing symptoms of colon cancer, it is wise to have a healthy third party make tricky or difficult decisions. But please be careful, it is so important to pick a person you can trust for this important part of estate planning and trusts activity.

Colon cancer mortality is hard for everyone to face. We hope we have helped in some small way. Please write to us if there is anything you would like to add or change on this page.

Written by Jessica Bosari - 4/22/09

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