How to Start Estate Planning When You’re Sick

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.

5 Tips For Alleviating Your Financial Stress

When we used the term financial stress in the title, we were not just referring to having financial issues but also the type of stress that can diminish your health. Many financial problems can be resolved by seeking help from an experienced career counsellor or financial planner to help you to manage your finances. An additional benefit of what they do is to also reduce the stress and anxiety you may be experiencing as a result of the aforementioned money worries.

Does it follow that the only way to reduce stress caused by your finances is to use financial planners? Well, the answer is no, but with caveats. First, from a purely medical perspective, if you are suffering from stress and anxiety and these are so severe to cause you additional health issues, then you must seek advice from your doctor. Financial planning may eliminate one of the contributors to your stress, but you may have others that contribute also.

The other caveat is that financial planners can do a lot to help you manage your finances, but before and after you have consulted with them, there are actions that you can take to help your finances and thus reduce the worry and anxiety you have, which are associated with them. Below we have highlighted five tips that should give you a positive start in reducing your financial stress.