Why Is Estate Planning Important After a Mesothelioma Diagnosis?
Estate planning is the process of deciding how your financial, legal, and personal affairs should be handled at the end of your life and after your death.
While mesothelioma isn’t a guaranteed death sentence, it can spread quickly. Many patients find peace of mind by putting a plan in place or reviewing their estate plan soon after a diagnosis.
Estate planning for mesothelioma may help you:
- Choose people you trust to handle financial and legal matters
- Decide how you want your assets distributed
- Document your preferences for medical care
- Manage any mesothelioma compensation you receive
- Name beneficiaries and estate representatives
- Plan for children or other dependents
- Reduce uncertainty for your loved ones
“Estate planning isn’t just about what happens after someone passes away. It’s about easing stress for you and your loved ones now.”
Mesothelioma Hope has partnered with Simmons Hanly Conroy, a national asbestos law firm that can help with mesothelioma claims and connect you with estate-planning resources.
Get a Free Case Review now to learn more about how our legal partners at Simmons Hanly Conroy can assist you.
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Key Documents for Estate Planning and Mesothelioma
An estate plan can contain several legal documents that serve different purposes. Which ones you’ll need may depend on your family, assets, prognosis (health outlook), and state laws.
Documents used for estate planning and mesothelioma include:
- Advance directives and living wills
- Beneficiary designations
- Last wills and testaments
- Power of attorney designations
- Trusts
Find out how each of these can help you manage your estate as part of a broader mesothelioma financial plan below.
Advance Directives and Living Wills
Advance directives can document your medical preferences and may also name someone to make health care decisions for you if you can’t speak for yourself.
Advance directives can include:
- Do-not-resuscitate (DNR) orders
- Organ donation instructions
- Pain management and comfort care
- Preferences for hospice or at-home care
- Use of ventilators or feeding tubes
Discussing these decisions ahead of time can also spare loved ones from having to guess what you would have wanted during a medical crisis.
“The more you have in writing, the better. By creating a will and advance directives that clearly outline your wishes, you can provide your loved ones with helpful guidance during an already difficult time.”
Beneficiary Designations
Some assets allow you to directly name the person who should receive them after your death. Life insurance policies, retirement accounts, and payable-on-death accounts all allow you to choose beneficiaries.
These beneficiary designations can operate separately from your will. Reviewing them as part of estate planning can help ensure they still reflect your wishes if you’ve recently been diagnosed with mesothelioma.
Last Will and Testament
A will explains how you want certain property and assets distributed after your death. It can also name an executor or other estate representative responsible for carrying out your instructions.
It’s particularly important for mesothelioma patients pursuing legal compensation to have a will, since certain settlement funds or legal claims may become part of their estate after death.
Your will can outline:
- Beneficiaries who will receive your assets
- An executor who will carry out your wishes
- A guardian for any minor children, dependents, or pets
If you die without a valid will, state law generally determines who inherits property that passes through your estate.
You don’t necessarily need to rewrite your will if you’re facing mesothelioma. With that said, it could be helpful to review it with the help of an estate attorney. If there is any ongoing mesothelioma litigation, be sure to inform your lawyer about recommended next steps.
Download our Free Attorney Checklist to prepare questions and get answers when meeting with a mesothelioma lawyer.
Power of Attorney
A durable power of attorney (POA) allows you to authorize someone you trust to manage finances, property, bills, or other legal matters, even if you become unable to handle them yourself. This is called a financial POA.
Because mesothelioma can progress quickly, it’s important to choose someone you trust to handle these responsibilities if needed.
You can also assign a health care POA or medical proxy to make treatment decisions based on your wishes if you become incapacitated. This can be helpful if you’re getting aggressive mesothelioma treatments and trying to manage side effects like brain fog due to chemotherapy.
“Because of the nature of mesothelioma, there may be times when you don’t have the ability to make decisions for yourself. By establishing a POA, you can control who makes those decisions for you.”
Trusts for Estate Planning and Mesothelioma
A trust holds assets for designated beneficiaries according to instructions that you establish. Setting one up can help ensure your financial wishes are carried out in the event that you pass away.
There are several types of trusts, including:
- Bypass trusts, which can help married couples reduce estate taxes and preserve assets for beneficiaries
- Irrevocable trusts, which are difficult to change and may offer tax benefits or help protect assets
- Revocable trusts, which can be changed and are similar to wills
- Special needs trusts, which help preserve benefits for disabled dependents
- Testamentary trusts, created as part of your will after your death
A trust doesn’t replace a will. You may need both, especially if you’re awarded compensation from a mesothelioma lawsuit. An estate attorney can explain whether one would benefit your family.
“My daughter has health conditions that cause her great difficulty. My mesothelioma settlement has allowed me to set up a trust fund for her so that she’ll be taken care of medically. That gives me a lot of relief.”
How Asbestos Compensation Impacts Estate Planning and Mesothelioma
A mesothelioma diagnosis may lead to financial changes that should be considered when creating or updating an estate plan. This is because you may qualify for significant mesothelioma compensation through lawsuits and other options.
You may be able to receive asbestos compensation from:
- Mesothelioma lawsuits, which award $1 million or more on average
- Asbestos trust funds, which collectively contain over $30 billion
- VA disability benefits for eligible veterans, which often pay out $4,158.17 monthly
Making updates to your estate plan, designating beneficiaries, and establishing trusts can ensure your long-term wishes for how this money should be used will be carried out properly.
If you have already filed an asbestos claim or are considering one, tell your estate attorney. You should also let your mesothelioma attorney know that you are creating or updating an estate plan.
When you work with our legal partners at Simmons Hanly Conroy, there’s no cost to pursue different types of mesothelioma compensation. The firm’s asbestos attorneys handle the work for you so you can focus on your family and ensure the money is used properly if you pass away.
What Happens to a Mesothelioma Claim After Death?
A mesothelioma patient’s death doesn’t necessarily end an existing asbestos claim. In many cases, the patient’s estate can continue a personal injury claim. Eligible family members may also be able to pursue a separate wrongful death lawsuit.
The following often can pursue mesothelioma wrongful death claims:
- An authorized estate representative
- An executor
- Family members like spouses or adult children
“The results from the lawsuit gave me enough financial security to provide for my children and grandchildren. Norris would be at peace knowing his efforts allowed for that.”
There’s only a limited amount of time to file asbestos lawsuits due to laws called statutes of limitations. The deadline for wrongful death lawsuits ranges from 1-3 years depending on the state’s statute. For this reason, it’s important to discuss your case with an asbestos attorney sooner rather than later.
Get a Free Case Review now to find out if you’re eligible to pursue a mesothelioma wrongful death lawsuit.
How to Start Estate Planning After a Mesothelioma Diagnosis
You can begin estate planning after a mesothelioma diagnosis by gathering financial records and choosing people you trust to carry out your wishes.
Take these steps when you’re ready to plan your estate:
- Make a list of your assets. Include property, financial accounts, investments, insurance policies, retirement accounts, and other valuable belongings.
- Gather important documents. Make sure to include phone numbers for your emergency contacts and medical team, insurance cards, compensation paperwork or claim status, and legal documents like a will or advance directives.
- Review your beneficiaries. Check beneficiary designations on your accounts and policies to make sure they’re current.
- Choose people you trust. Consider whom you want to serve as your estate representative, POA, or medical proxy.
- Meet with an estate attorney. An attorney can prepare documents that comply with your state’s requirements.
- Tell your mesothelioma lawyer about your plan. If you have an active asbestos lawsuit, your lawyer can explain how incapacitation or death could affect the case.
- Review your plan when circumstances change. A mesothelioma settlement, a change in health, death in the family, or another significant event may give you a reason to update your documents.
Keep important documents in a secure but accessible place for those who may need them, such as a folder, binder, or secure digital file. Make sure trusted family members or representatives know where to find them.
Do I Need an Estate Attorney or Mesothelioma Lawyer?
An estate attorney and mesothelioma lawyer serve different purposes, and many patients may benefit from working with both.
Here’s how each type of attorney can help you:
- An estate attorney can create and update documents such as your will, trust, and power of attorney. They can also explain how an estate is settled after death, including probate and any state laws that may apply.
- A mesothelioma attorney focuses on compensation related to asbestos exposure. They can investigate where exposure occurred, identify responsible asbestos companies, and pursue compensation through lawsuits or asbestos trust funds on your behalf.
Mesothelioma Hope and Simmons Hanly Conroy can help you file asbestos lawsuits right now and find experienced estate attorneys who can update your will, set up trusts, and more.
Your asbestos lawyers can explain what may happen to your mesothelioma lawsuit if your health changes and what information your estate representative may eventually need.
Questions to Ask an Estate Planning Attorney
Estate planning can involve decisions you haven’t had to consider before. Bringing a list of questions to your appointment can make the conversation easier.
You may want to ask:
- Do my beneficiary designations match the rest of my estate plan?
- Does my current power of attorney still meet my needs?
- How can I choose the right estate representative?
- How often should I review or update these documents?
- How should I address a pending mesothelioma lawsuit or settlement?
- Should I create a will, trust, or both?
- Should I update my advance directives?
- What happens to my estate if I die without a will?
- Which estate planning documents do I need?
Tell your attorney about your mesothelioma diagnosis and any pending or potential compensation. This information can help them understand your full financial and legal situation.
Download our Free Attorney Checklist now for help choosing the right lawyer to support you and your family after a mesothelioma diagnosis.
Estate Planning and Mesothelioma: Plan Your Family’s Future
Planning for the end of your life can bring up difficult emotions. It can also give you an opportunity to make your wishes clear and take some uncertainty away from the people you love.
Mesothelioma Hope helps patients and families understand their options after an asbestos-related illness and plan for the future.
We can help you:
- Connect with estate attorneys to plan next steps
- Make sure your family is protected
- Pursue compensation for a mesothelioma diagnosis
- Access support options for you and your loved ones
Call (866) 608-8933 or get a Free Case Review now to find out how our Patient Advocates, registered nurses, and legal partners can assist you after a mesothelioma diagnosis.
Estate Planning and Mesothelioma FAQs
What happens when someone dies from mesothelioma?
When someone passes away from mesothelioma, the cancer overruns vital organs, causing significant symptoms like coughing up blood or severe fatigue, and fatal complications.
Mesothelioma may not cause significant symptoms until the cancer has spread, and while long-term survivorship is possible, many cases are deadly.
Because of this, many patients find peace of mind by making adjustments to their estate before the cancer reaches a fatal stage. This includes assigning a power of attorney, updating wills, and choosing a medical proxy. These steps ensure their wishes will be carried out if their health worsens.
What is the average settlement for someone who dies from mesothelioma?
The average mesothelioma wrongful death settlement is worth $1 million or more, allowing families to more easily afford expenses like funeral costs, leftover medical bills, and more.
Many factors influence how much a mesothelioma wrongful death settlement could be worth, such as which asbestos-containing products were involved in causing the cancer and the companies that made them.
Get a Free Case Review now for a better idea about the potential value of your mesothelioma wrongful death settlement.
What are 5 assets that should never be included in a living trust?
Estate attorneys, fiduciaries, and financial counselors may caution you against putting certain assets into a living or revocable trust, typically to avoid taxes or issues involving probate.
Advisors may recommend not including these assets in a living trust:
- Bank accounts used to pay everyday bills
- Health savings accounts
- Retirement accounts like 401(k)s
- Uniform Gifts or Transfers to Minors Accounts, which are for minors
- Vehicles like cars or boats
If you’re facing mesothelioma and interested in setting up a living trust, an estate attorney can give you a clearer idea as to which assets to include.
Our mesothelioma lawyers can recommend estate attorneys to guide you through next steps.
What is the 5 by 5 rule in estate planning?
The 5 by 5 rule allows certain trust beneficiaries to withdraw up to $5,000 or 5% of the trust’s value each year, whichever is greater, if the trust allows it.
Working with mesothelioma attorneys and lawyers who specialize in estate law can help you set up a trust that best supports your family’s needs.
Do I need a mesothelioma estate plan if I don’t have many assets?
Estate planning isn’t only for people with significant wealth or assets. A plan can determine how your family will receive any asbestos compensation earned from legal action, who can manage your affairs if you become incapacitated, and how you want medical decisions handled.
Following a mesothelioma diagnosis, an estate attorney can determine which documents you need based on your circumstances.
What happens if someone with mesothelioma dies without a will?
If a mesothelioma patient dies without a valid will, state laws determine who inherits property and assets that pass through the estate. The rules vary by state and may not reflect what the person would have chosen.
Creating a will allows mesothelioma patients to document their wishes rather than relying entirely on those default rules.
What happens to a mesothelioma lawsuit if the patient dies?
If a mesothelioma patient filed a lawsuit but died before it concluded, authorized estate representatives can see it through with help from their legal team.
At Simmons Hanly Conroy, our asbestos attorneys can make this transition as seamless as possible, easing the burden and stress on families during this difficult time.
“I continued the mesothelioma lawsuit without a problem,” said Guadalupe Porras, wife of mesothelioma warrior Oscar Avila. “Simmons Hanly Conroy always helped us. If something was happening, they had us in the loop.”
Call (866) 608-8933 for help navigating the legal process if you lost a loved one due to mesothelioma.
Can a family file a wrongful death claim for mesothelioma?
Yes, eligible family members may be able to file asbestos claims after death depending on the case. Eligibility, available damages, and statutes of limitations vary depending on the case.
Asbestos attorneys can review the circumstances and explain your family’s options if a loved one passed away from mesothelioma.
Can I change my estate plan after creating it?
Many estate planning documents can be changed while you have the legal capacity to do so. Major changes involving your health, family, assets, beneficiaries, or a mesothelioma settlement may be reasons to review your plan.
An estate attorney can help make sure updates are properly completed under your state’s laws.
