End-of-life care is a much bigger deal than many of us realize, and should always be included in your estate plan. The recent passing of music legend Tom Petty serves as an example of how important it is to include end-of-life care in your estate plan.
Why You Should Include End-of-Life Care in Your Estate Plan
Per CNBC, after Tom Petty was found in cardiac arrest, he was rushed to the hospital for treatment. Eventually, his family had to decide whether to keep him on life support or not. They had him taken off life support, because Petty had included a do-not-resuscitate order as part of his end-of-life plan. If he had not included that order in his plan, or had not had a end-of-life care plan at all, then the decision as to whether to keep him on life support would have been out of his hands. As it stands, his wishes were honored.
According to a certified financial planner that CNBC featured in the Tom Petty article, people should have an end-of-life care plan in place by the time they turn 18 years old. Having an end-of-life care plan enables you to ensure your wishes for treatment are met if you are debilitated or otherwise cannot speak for yourself due to a healthcare emergency.
End-of-life care can be very expensive. Per the CNBC article, the average healthcare costs for the final year of a person’s life is just under $12,000. This financial burden could play a part in the decision to keep you on life support or not if you do not have an end-of-life care plan and something happens to you.
The San Jose and Danville law firm of Timmerman, Cilley & Kohlmann, LLP has been practicing trust and estate law for over 15 years. To discuss a trust or estate law matter with us, set up a free 30-minute initial consultation with one of our attorneys today.