Advanced cancer: Putting a financial and legal plan together
Posted: Sun Mar 01, 2026 6:17 am
I found out I had prostate cancer in late December 2008, and it gave me the feeling that I was getting closer to the end of the line. I think about our financial life a lot and do many things to plan for it. That planning is ongoing. I’m a tax lawyer who does estate planning for families, business succession planning, and charitable planning. We design documents for our clients, including contracts and wills, powers of attorney, all drafted to suit each client’s circumstances. I did my wills about 30 years ago, so they were in place but out of date. Recently, I’ve been updating my wills and getting powers of attorney for personal care and for financial matters, along with naming an executor and making sure everything is in place.
A will is a document that sets out how property will be treated or distributed after death. If you don’t have a will, your property is distributed according to intestate succession, which follows a statutory list. While the statute works for most families, a will allows you to fine-tune decisions. Typically, a will also addresses guardianship of children. Powers of attorney apply during a person’s life. A power of attorney for property allows someone to manage your financial assets, while a power of attorney for personal care allows someone to make decisions about your health and personal care. These documents are especially important if a person is incapacitated or unconscious in the hospital, needing someone to make decisions with banks or medical staff.
We also have an accountant who helps manage our financial affairs, and our needs are always changing. Lawyers can add value by helping clients see options and plan ahead. Sometimes it’s appropriate to create a trust in a will, for example, for the benefit of a spouse and young children, or to make specific gifts or legacies to charities or family members. A will allows this level of detailed planning. Financial planning is ongoing, and circumstances can change. My wife and I might open another business or make other changes, but I focus on minimizing taxes and ensuring the kids are provided for. Tax planning is important when creating trusts or making other financial arrangements.
It’s also important that the people who will handle your affairs know how everything works. For example, your spouse should understand the bank accounts, relationships with bankers, and how the administrative system runs. My daughter, a financial planner, has been increasingly involved in managing our finances over the last few years. Acquiring a good lawyer who understands your family situation, intentions, and children is essential. Simplifying life and getting things in order provides peace of mind, allowing more time with family and friends. Going through this process gradually makes it clear how necessary and beneficial it is, ultimately giving a real sense of security.
When diagnosed with an advanced health condition, it is important to put a financial and legal plan together. A lawyer can help prepare your will, power of attorney for property, and power of attorney for personal care. Talk to your loved ones so they know your wishes. They can help organize and manage home maintenance, bill payments, banking and investments, health records, legal documents, and online accounts. Planning ahead can give you and your loved ones peace of mind.
A will is a document that sets out how property will be treated or distributed after death. If you don’t have a will, your property is distributed according to intestate succession, which follows a statutory list. While the statute works for most families, a will allows you to fine-tune decisions. Typically, a will also addresses guardianship of children. Powers of attorney apply during a person’s life. A power of attorney for property allows someone to manage your financial assets, while a power of attorney for personal care allows someone to make decisions about your health and personal care. These documents are especially important if a person is incapacitated or unconscious in the hospital, needing someone to make decisions with banks or medical staff.
We also have an accountant who helps manage our financial affairs, and our needs are always changing. Lawyers can add value by helping clients see options and plan ahead. Sometimes it’s appropriate to create a trust in a will, for example, for the benefit of a spouse and young children, or to make specific gifts or legacies to charities or family members. A will allows this level of detailed planning. Financial planning is ongoing, and circumstances can change. My wife and I might open another business or make other changes, but I focus on minimizing taxes and ensuring the kids are provided for. Tax planning is important when creating trusts or making other financial arrangements.
It’s also important that the people who will handle your affairs know how everything works. For example, your spouse should understand the bank accounts, relationships with bankers, and how the administrative system runs. My daughter, a financial planner, has been increasingly involved in managing our finances over the last few years. Acquiring a good lawyer who understands your family situation, intentions, and children is essential. Simplifying life and getting things in order provides peace of mind, allowing more time with family and friends. Going through this process gradually makes it clear how necessary and beneficial it is, ultimately giving a real sense of security.
When diagnosed with an advanced health condition, it is important to put a financial and legal plan together. A lawyer can help prepare your will, power of attorney for property, and power of attorney for personal care. Talk to your loved ones so they know your wishes. They can help organize and manage home maintenance, bill payments, banking and investments, health records, legal documents, and online accounts. Planning ahead can give you and your loved ones peace of mind.