Empowering Yourself and Your Family: How End-of-Life Planning Can Help

When my mom was diagnosed with terminal cancer last year, we were suddenly faced with end-of-life decisions we were not prepared for. We have always been a close-knit family, but tensions quickly rose because of decisions that needed to be made. Some members of the family wanted to pursue aggressive treatment options, while others felt that hospice care would be best. Who would make these tough decisions? What did my mom want?

Before her condition deteriorated, mom and I had several conversations where we spoke openly about her wishes so that confusion and conflict would be avoided. Among the many things we did was create an advance directive and review her estate plan. The experience was difficult and a wake-up call for the entire family. We realized we had not properly prepared for end-of-life decisions, and that we all needed to create a plan that allows the family to face end-of-life decisions with clarity and purpose.

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Start with a Conversation

Just as I did with my mom, the first step in end-of-life planning is to have a conversation. This can be uncomfortable, but it is essential to ensure your wishes are known and respected. Discuss your preferences for medical care, funeral arrangements, and the distribution of assets. This conversation can also help to avoid misunderstandings and conflicts down the line.

According to a survey by the Conversation Project, 90% of people believe that talking with loved ones about end-of-life care is important. However, only 27% have actually done so. Don't wait until it's too late - start talking today. The Conversation Project has a wonderful guide to help you in this process.

Create an Advance Directive

An advance directive is a legal document that outlines your preferences for medical treatment in the event that you are unable to make decisions for yourself. Part of this process allows you to choose a healthcare proxy. A proxy is the person who will make medical decisions for you if you are unable to do so. It's important to choose someone you trust and who understands and will honor your wishes. This document can help to ensure that your wishes are respected and that you receive the care that is right for you.

According to a study by the National Institute on Aging, only 26% of American adults have an advance directive. This is a shocking statistic, as an advance directive can provide peace of mind for both you and your loved ones. If you do not have an advance directive, speak with an attorney or healthcare professional to create one.

It's important to discuss your end-of-life wishes with your healthcare provider, as they can help ensure that your wishes are respected. This is crucial if you want a Do Not Resuscitate Order (DNR). Even if your advance directive includes a DNR, many States require that a DNR be signed by your physician and incorporated into your medical record and posted visibly by your bedside. Without a DNR order, medical staff will make every effort to resuscitate.

Consider Long-Term Care Insurance

Long-term care insurance can help to cover the costs of extended care if you become unable to care for yourself. This can include costs associated with nursing homes, assisted living facilities, and in-home care.

According to a study by the U.S. Department of Health and Human Services, 70% of people over 65 will require some form of long-term care in their lifetime. This can be expensive, with the average cost of a nursing home exceeding $100,000 per year. Long-term care insurance can help mitigate these costs and provide financial security for you and your loved ones.

Review and Update your Estate Plan

Your estate plan is a legal document that outlines how your assets will be distributed after your death. It is important to review and update this document regularly to ensure that it reflects your current wishes and circumstances.

According to a survey by Caring.com, only 42% of American adults have a will or living trust. Without an estate plan, your assets may be subject to probate and be distributed according to state law, which may not align with your wishes.

Review and Update your Life Insurance

Life insurance can play a crucial role in end-of-life planning. It provides financial protection to your loved ones in the event of your untimely death, helping them to pay for expenses such as funeral costs, outstanding debts, and living expenses. Without life insurance, your loved ones may face financial hardship and struggle to make ends meet, especially if you were the primary breadwinner. Because life is unpredictable and circumstances change, it’s important to review your policy for current needs and update beneficiaries as needed.

If you do not have life insurance but are considering purchasing a policy as part of your end-of-life planning, it's important to carefully evaluate your needs and choose a policy that will adequately cover your loved ones' expenses. You may want to consult with a financial advisor or insurance agent to ensure that you select the right policy for your individual situation.

End of life planning is a crucial but often overlooked aspect of life. By starting a conversation with your loved ones, creating an advance directive, considering long-term care insurance, and reviewing and updating your estate plan, you can ensure that your wishes are respected and that your loved ones are provided for. Don't wait until it's too late – start planning today.