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When it comes to the part of your financial plan related to health, things such as insurance premiums and copays might be what come to mind.

These expenses are important. However, according to certified financial planner and physician Carolyn McClanahan, founder of Life Planning Partners in Jacksonville, Florida, your health should influence many other parts of your financial plan.

“It’s way more than that,” McClanahan says. “A healthy person needs a totally different [financial] plan from someone who has health issues.”

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Last week I began writing about what hospice care is, who can benefit from it, and when this type of care is recommended. Today I will continue on this topic, including who makes up a hospice care team, who pays for hospice home care, and determining if in-home hospice is right for you.

Who Makes Up a Hospice Care Team?

A number of different types of people can make up a hospice team, including various professionals and volunteers who are involved in end-of-life care. A hospice care team may include:

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Hospice care is a type of health care for those with terminally ill conditions as they near the end of their lives. The focus of hospice care is on the management of pain as well as emotional, spiritual, and familial support for the patient.

For patients receiving hospice care, there are a number of different options, including being cared for at home. The type of intimate care someone received while in hospice fits well with being given in the peaceful environment of a patient’s own home.

This week I will write about who can benefit from this type of care and when hospice is recommended, and next week I will write about who makes up a hospice care team, who pays for hospice home care, and determining if in-home hospice is right for you.

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As a parent with young children, you’ve put a lot of thought into the best way to raise your kids, including things such as the school they attend and the beliefs and values they are taught. But have you considered what would happen if you (and your spouse, if you are married) pass away suddenly? You can help ensure the best care for your children with some advance estate planning.

With a will, there’s a way

The biggest step you can take to make sure your intentions are known and followed is to name a guardian in your will. If you haven’t named a specific guardian in your will already, you can add a clause or, if necessary, draft a new will to do this.

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Last week I started writing about moving trusts from one state to another. In today’s post, I’ll share a few more things to consider if you are moving from one state to another, including the way states may treat marital property differently.

States Treat Marital Property Differently

Although most states are common law states which allow marital property to be owned separately, there are several community property states. In community property states, all of the property owned by marital partners is deemed equally shared, including property that is only titled in one spouse’s name.

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If you have a revocable living trust and decide to move from one state to another, your trust should remain valid in your new state. Though the validity of this trust won’t be affected, you might want to make some changes to it since different states can have different laws regarding things such as marital property. Also, if you are moving into a new home you are buying, you will need to transfer this asset to the trust. Below is more information about trusts and moving a trust to a new state:

Using Trusts in Estate Planning

Revocable living trusts are often used in estate plans to help shelter assets from probate, to protect private finances from public scrutiny, and to provide additional control over the disposition of assets after the owner has passed away. Trusts can save money and time when it comes to settling an estate, and they can help ensure that dependents and charities are supported.

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In last week’s post, I shared tips for making sure your loved ones will be able to find your estate planning documents when these documents are needed. Issues can also arise when it comes to finding the assets of someone who has passed away. It is common for one spouse to handle finances while the other spouse does not know the details of the assets they own. Often, we also don’t know what assets our parents, grandparents, and other family members own.

Wills are usually drafted broadly and do not list every asset a person owns because the stuff we own on the day we die will be different from what we had the day the will was made. Typically, some things will still be the same, but it’s common to buy and sell vehicles and property, save and spend money, and change banks, insurance policies, or other types of accounts.

Also, although there are search tools for some assets, such as real property, business interests, and vehicles, there is no centralized search tool that lists every asset a person owned.

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The time and money you spend creating estate planning documents might all be in vain if your loved ones cannot find your documents or assets after you pass away. Although you want to be careful when it comes to sharing information about your will and assets to avoid exposing yourself to risks, you also want to ensure they will be able to be located.

Here are a few tips to help make sure your loved ones are not left searching for your estate planning documents when they need them:

1. Keep your will and other estate planning documents in a safe place where it can be found after you pass away. If you tape your will under a desk drawer or hide it in a secret compartment, it’s likely that no one will find it unless you have told them where to look and how to get to it. Make sure your executor knows where your will is located, and consider keeping it in a safe or safe deposit box if you are worried that someone will try to sneak a peek at it in advance.

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Your will provides for the disposition of your assets upon your death and is designed to tie up loose ends in your estate. You may wish to include specific bequests to beneficiaries in your will, such as collectibles, jewelry, or art that you may wish to leave for your child.

However, it is important to be careful about making bequests that could lead to outcomes you do not intend. One of the more common ways this can happen is if you no longer own a specific asset when you pass away. Someone may want to leave for their child 100 shares of stock worth thousands of dollars at the time the will is drafted. However, if this person later sells the stock without updating the will, the child could be left with less than their parent intended.

Similarly, say someone bequeaths real estate to their son and life insurance proceeds to their daughter. However, in the years between creating the will and passing away, this person sells the home, invests the money from the sale of the home, and allows the life insurance policy to lapse.

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Young adults who may just be starting a family often feel they have plenty of time to focus on building a financially secure future and before needing to create a comprehensive estate plan. However, estate planning, even for young adults, is crucial to ensure that children and other loved ones will be cared for if something unexpected happens. Although planning for when you are gone can be uncomfortable or scary, it’s important to do this planning so that property is passed on to your chosen beneficiaries and so that loved ones are taken care of according to your wishes.

A basic estate plan for a young family should at least include the following:

  • a last will and testament
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