Estate Planning for End of Life and Terminal illness

We need to plan more for death, when we approach end of life or a terminal diagnosis this is an important topic. We would like to start off this blog with words from Barbara Scogings. Barbra is a holistic life strategist, mentor, and author in our recent live discussion – click here for the full video. Barbara made an insightful comment, when she explained how much care and training there is when we are preparing for a birth. To the contrary there is very little if any training on how to process occasions when death occurs. We agree with Barbara, there needs to be more education or classes on preparing for death both for ourselves and for our loved ones.

Estate Planning Life and Death

Both life and death are equally as impactful, and both are part of the circle of life. Planning for death is something we should not overlook.

If we plan well for death, it could lead to less grief being experienced by those left behind. The final stage of grieving is acceptance. If we have planned well for death, it could mean that our family reach the acceptance stage sooner. There is peace in knowing this.

At Marsh Fidelity, we specialize in estate planning, will drafting and estate administration. We have put together some points that we have found helped our clients. Especially when planning for death or when facing a terminal illness.

Estate Planning for End of Life or Terminal illness First Steps

1. The first and most estate planning requirement in this situation is to have a valid current will be signed. This will need to align with your wishes.
2. Consider signing a living will which states that you would not like to be kept alive by artificial means or machines if there is no hope or prospect of recovery.
3. Then it is important to identify your marriage regime and if you are married ANC without accrual for example then you could look at moving as many investments as possible and cash to your surviving spouse so that when you pass your estate is reduced in size. Remember movements to a surviving spouse are currently exempt from donations taxes. This is not the case if you move funds to children, these transactions could attract donations tax, so it is not always advisable.
4. Consult with a professional estate planner preferably a Fiduciary Practitioner of South Africa FPSA^® Remember giving your children cash amounts before you die will attracted potential donations tax for all amounts above R100 000, so it is better to actually make them in your will and let them inherit that way as the tax liability is greatly reduced. A qualified estate planner can provide efficient and impactful direction which will protect you.
5. Have a life file including all the most important documents relating to your estate. This may be insurance details, property title deeds, investments, key contacts, people you would like to be notified after passing. You could also consider including your final posts for social media platforms, funeral arrangements. Give your computer and email account passwords to your next of kind.

End of Life Planning – Finances, Employment and Personal Tips

1. Plan financially for increased medical costs. Put measures in place to protect you – sometimes from yourself or your children.
2. If you are employed and have had a terminal diagnosis, it is important to know your rights and the amount of sick leave available to you.
3. Life cover and RA may in some cases pay out early if you are diagnosed with a terminal illness. These funds could be crucial to your care and planning. Important to know this even if you do not have a diagnosis for your peace of mind. Life cover can make an enormous difference.
4. If you have pets, it is important to try to find them a suitable home and care for them.
5. Journal about what gave you joy; write letters to those you love for them to be given when you are no longer around.

Closing Advice and Considerations for Terminal illness

Although terminal illness and the end of life can be daunting, one gift of knowing you are near the end is you get the chance to say goodbye in a meaningful way.

We would like to leave you with words from a terminally ill patient called Mike who shared these words in this video which really inspired us, “In the absence of light there is darkness. You need light to remove the darkness and to know both sides. And likewise with life if there is no death you do not know what life is. You the need clarity of death to help you see clearly in life.”

To get your will drafted by our team of professionals for your peace of mind click here.