As all the posts in this blog suggest, it is important for every individual to consider how they would like their affairs to be handled when they pass away. But a comprehensive estate plan can be particularly valuable for individuals with chronic diseases or other serious health problems.

Of course, individuals with serious health problems may need to consider an estate plan for the obvious reason that their time may be limited. But there are numerous other reasons why it is important. Some ailments can require long term nursing care or hospitalization, planning for and managing those expenses can have a dramatic effect on the value of the estate you are able to pass on.

Depending on the health situation involved, a power of attorney may be an important tool to ensure that your accounts and other affairs are well managed even when you are no longer physically able to do so yourself. A living will allows a person to share their wishes regarding end of life health care decisions and puts the pieces in place to see that you are cared for according to your wishes, even when you are no longer able to express them.

A chronic disease can be accompanied by a horrible sense that you are no longer in control of your own life. Not only is your body no longer behaving how it should, but it may also feel like everyone else seems to think that they know better what is in your best interest. A comprehensive estate plan may not be able to resolve every issue you are facing, but it can put you back in the driver's seat to make your wishes known and give them legal effect.

Source: Forbes "Declining Health Is Scary: Estate And Financial Planning Can Protect You," Hani Sarji, Oct. 17, 2011