By Byrd Garrett PLLC
A recent article in Forbes points out that the terminally ill face several financial and estate planning questions that, though not often spoken about, are very important. If you’ve been diagnosed with a terminal illness, it’s important to speak to an estate planning attorney as soon as possible so you can begin addressing key concerns that will not only affect you, but also your family.
Move 1: Prepare for probate. If you haven’t created a Will, trust, or other estate planning device, you may not know much about probate. Essentially, probate is the set of laws and procedures that apply once you die leaving behind property. To determine who should own that property, the court will have to follow specific probate procedures. These procedures can take a lot of time and money, and avoiding probate is often one of the key goals of many estate plans.
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