As seniors enter the retirement phase of their lives, the subject of estate planning and creating a will might seem overwhelming. However, instead of being intimidating, estate planning should be considered an empowering act, offering peace of mind. As a senior, you should have an understanding of your financial situation, healthcare decisions, and living arrangements to ensure that they are managed in accordance with your wishes. If you don’t know where to start, read on. This article will explore the topic of estate planning and discuss why every older adult should get involved in their retirement planning.
The Essentials of Estate Planning for Senior Adults
Estate planning involves organizing financial assets, outlining personal healthcare directives, and making decisions about the individual(s) who will represent your interests should you die or become incapacitated. For senior adults considering the potential variables in their future, including the possibility of moving to assisted living or memory care, estate planning becomes even more essential. Estate planning establishes a structured plan that can streamline the process of making care and living decisions before the time comes. There are many types of documents that comprise the entire plan, such as wills, powers of attorney, and trusts.
Planning for the possible need for assisted living or memory care is a vital component of senior estate planning. Assisted living is becoming more mainstream as a positive way for senior adults to enjoy their lives while receiving required assistance for daily tasks. Family and personal caregivers are typically not available to visit at any hour, but an assisted living facility has onsite dedicated staff to help residents with whatever they need. Should anything occur that results in incapacitation, an estate plan that communicates the intention to move to assisted living can simplify the process.
Creating Your Estate Plan
Developing an estate plan represents a proactive step towards making sure wishes are honored and legacies are preserved.
Speak to a Professional: Legal and financial consultants provide a great deal of assistance to customers every day in assisting them in planning their future. Lawyers provide assistance in drafting a legally sound will – as well as any other vital documents that may be needed. A financial advisor can also provide insights into effectively managing assets, including planning for the possible expense of assisted living. A quick consultation with these estate planning experts will provide much more information about your potential options.
Documenting Your Decisions: Clear, concise and thorough documentation is the basis of an effective estate plan. You can begin by creating a roster of assets, including savings accounts, real estate and property, and personal items or heirlooms that hold sentimental value. Seniors should also clearly outline their wishes regarding healthcare, assisted living, and asset distribution. The more information provided to the professional representative creating your documents, the stronger and more comprehensive the plan they can help you develop.
Keeping the Plan Updated: Life changes every day, and an effective estate plan should reflect the fluid nature of reality. Routinely reviewing, assessing, and updating documents helps keep them updated and relevant and ensures that they communicate your current thoughts and circumstances. Changes in family status and dynamics, health conditions, and financial resources can require the plan to be updated. Also, as your thoughts about assisted living and memory care evolve and change, it’s essential to review any arrangements and talk about new decisions with legal advisors and family members.
If you are uncertain about how assisted living or memory care fits into your estate planning efforts, call an attorney or financial advisor. If you want to learn more about your assisted living and memory care options, call My Care Finders.
