Estate planning ensures that aging adults are financially stable and their desires will be carried out as specified. A plan offers security to seniors who want to spend their golden years in comfort without added stress. By following a few simple steps, older adults can protect their wishes and assets and avoid placing undue strain on loved ones. When putting together an estate plan, Annapolis elder care professionals suggest including these four must-have documents.
1. Last Will and Testament
Having a will written is a simple way for seniors to dictate how they want their money and assets divided after they pass. All seniors should have a will to simplify the process of splitting up the estate after death. It is one of the easiest ways to legally protect a spouse, children, and extended family members.
2. Financial Power of Attorney
A financial power of attorney is a document that specifies who will control the financial affairs of the estate. This person is designated to handle the finances on behalf of the senior when he or she is not able to do so. This written document designates how much power the senior wants to give and should reflect any anticipated future needs.
3. Health Care Power of Attorney
A health care power of attorney document should be in place to designate who will make decisions about heath care if the senior is unable to. Older adults need to have frank discussions about their health care to plan how they want to deal with unforeseen complications.
4. Living Will
A living will directs the health care power of attorney, physicians, and medical staff in advance of the senior’s end-of-life wishes. This can include medical treatments to keep the person alive, organ donations, and pain management. Planning ahead makes sure that the senior’s requests are followed. This gives older adults peace of mind knowing their plans will be carried out just how they prefer.
Your aging parent or grandparent’s estate plan should also include provisions for long-term home care if he or she wishes to age in place. To learn more about care services available nearby, call Home Care Assistance at 443-302-2771. We offer hourly and live-in care, as well as post-stroke, dementia, and Alzheimer’s home care in Annapolis. Reach out to us at anytime. Our dedicated Care Managers are available 24 hours a day, 7 days a week.