Surgery Prep? The Financial & Estate Planning Checklist You Need To Know

Don't Go Under Without It: Your Pre-Surgery Financial & Estate Planning Checklist

Facing surgery is, understandably, a significant moment. Beyond the medical preparations, it naturally prompts us to pause and consider the 'what ifs?'

But where do you begin when it comes to safeguarding your financial future before an operation? What essential steps and documents should you have in place?

Read in this article

Preparing Your Financial House Before Surgery: A Crucial Step for Peace of Mind

Your surgeon will meticulously discuss the medical unknowns – the potential for complications, the need for transfusions, or factors that might affect your recovery. But who's there to talk about the financial ripples these unexpected consequences could send through the rest of your life?

Beyond the Operating Room: Your Financial Preparedness

Imagine this: What if your recovery takes longer than a 'few days to bounce back'? Who will be able to manage your immediate financial obligations like rent, your mortgage, or even that car loan, just in case? Who holds the documented legal authority to act and speak on your behalf while you're focused on healing?

This is where financial preparation before surgery becomes invaluable. It's about proactively reducing the financial risks associated with unexpected recovery times. While your surgeon will rightly focus on your medical care, they'll expect you've already considered these crucial financial and lifestyle aspects so don’t expect them to prompt you to get your financial life sorted like a financial advisor can.

Getting Your Affairs in Order: Money Management Before Medical Procedures

Successfully navigating surgery means more than just medical readiness; it requires setting aside enough time to align your financial resources and personal directives.

This is especially critical for;

• single individuals,
• those estranged from family, or
• those just geographically separated from close friends and family, or
• anyone without a partner to assist with decision-making during recovery or unforeseen complications.

Your Financial Blueprint for Surgery: The Necessary Key Legal Documents

Before your procedure, it's vital to ensure your key legal documents are current, securely stored, and easily accessible by the individuals you've nominated.

Here are the essential legal documents to set up (and safely store) to guide your pre-surgery financial and lifestyle preparations. (And yes, Sapience Financial can help you with each of these important steps and documents.)

• Your Power of Attorney and Enduring Guardianship: Establish these documents to authorise a trusted individual of your choice, know as the Nominated 'Person Responsible' to make decisions on your behalf should you become incapacitated and unable to make them yourself – whether just for a while or a longer time. This is particularly important during recovery or if complications arise.
• Your Will Document: Ensure your Will is current and accurately reflects your wishes. This includes nominating a potential Guardian for any children under 18 years.
• Your Superannuation Beneficiary Nominations: Review and update your superannuation beneficiary nominations to ensure your super benefits are distributed as you intend. Contact your super fund or financial adviser for an update form.
• Your Life Insurance policy Nominations: Similarly, update your life insurance policy nominations. Whether you choose an individual, your estate, or a super fund, confirm your nomination is current. Contact your life insurance company or financial adviser for assistance.

Important Note:
Your life insurance policy will need to be in place before you've made the decision to have surgery or become aware of the need for it. Life insurances are designed to manage the unknown, so once a risk becomes known, an insurer will typically wait for an outcome before offering cover. This means if you know you need surgery, you will not be offered life or disability insurance – until its completed. This is yet another compelling reason to ensure your life and disability insurance is in place, long before you might ever need it.

Keeping Everyone Connected: Updating Contact Information

It’s critical that those folks you’ve empowered to act on your behalf can easily communicate with each other.

• If you have a Power of Attorney or Enduring Guardianship documents, ensure your appointed individual has the contact information for your financial adviser, accountant, mortgage provider, or rent manager.
• If you have a Will Document, your nominated Executor should have the contact details of your financial adviser and accountant, along with your authority to speak with them if needed.
• Within your Will document, you also have the opportunity to nominate a Guardian for any children under 18 you may have.

Pro Tip: Make sure your accountant, bookkeeper, and your financial adviser all have each other's contact details on file for you.

Preparing for the Unexpected: Your Back-up Strategy

While it's uncomfortable to consider less-than-ideal scenarios, preparing for the unexpected is equally important. Should you face a significant disability post surgery (or unexpectedly pass away due to surgery), having these legal documents and updates already in place maenas those responsible for managing your affairs have the necessary contacts and information they will need, to manage your estate efficiently.

By taking these important proactive steps, you significantly reduce your own potential distractions and anxieties about unfinished tasks. This allows you to focus fully on your recovery and overall well-being.

A Back-up Strategy for Single Individuals Facing Surgery

Sapience Financial can help you with each of these key documents and decisions.

For single individuals facing surgery, the key legal documents needed are:

• Power of Attorney and Enduring Guardianship Documents: To authorise a trusted individual, your Person Responsible, of your choice, to make decisions on your behalf if you become incapacitated.
• Will Document: To ensure your wishes are reflected, including nominating a Guardian for any children under 18 years.
• Superannuation Beneficiary Nomination Documents: To ensure your superannuation benefits are distributed as you wish.
• Life Insurance Policy Nominations Documents: To ensure your life insurance benefits are distributed according to your updated nomination.

Sapience Financial provides a comprehensive pre-surgery service, ensuring your key legal documents are in place and stored securely. We also make sure the key individuals in your life have each other's contact details, just in case, so you have a central source of information available should you ever need to activate your pre-surgery financial safety plan.

Talk with us today and get connected to good advice.

Because nothing helps you recover faster than knowing you only have to focus on recovery.

Frequently Asked Questions: Pre-Surgery Estate Planning

Drew Browne is a specialty Financial Risk Advisor working with Small Business Owners & their Families, Dual Income Professional Couples, and diverse families. He's an award-winning writer, speaker, financial adviser and business strategy mentor. His business Sapience Financial Group is committed to using business solutions for good in the community. In 2015 he was certified as a B Corp., and in 2017 was recognised in the inaugural Australian National Businesses of Tomorrow Awards. Today he advises Small Business Owners and their families, on how to protect themselves, from their businesses.  He writes for successful Small Business Owners and Industry publications. You can read his Modern Small Business Leadership Blog here. You can connect with him on LinkedIn.  Any information provided is general advice only and we have not considered your personal circumstances. Before making any decision on the basis of this advice you should consider if the advice is appropriate for you based on your particular circumstance.