Helping your senior loved one get his or her affairs in order can be stressful, but taking the right steps toward organization can make it much easier for both of you to manage. Here are several ways to assist your loved one with estate planning.
1. Designate a Health Care Power of Attorney
Encourage your loved one to choose someone to make medical decisions on his or her behalf in the event he or she becomes incapacitated. Ideally, this will be someone familiar with your loved one’s wishes. Your loved one should also have a living will outlining his or her decisions regarding life support and other medical procedures.
Planning for your loved one’s future should also include considerations about his or her ability to continue aging in place. Living alone at home in the golden years can present a few unique challenges. Trust homecare professionals to help your senior loved one maintain a higher quality of life while he or she lives with an illness and performs the daily tasks of living.
2. Make Sure the Will Is Up to Date
Putting together a will is an essential part of estate planning. However, many people fail to take this step. This can result in a lengthy probate process where the court, not your loved one, determines how property is distributed. A will also ensures property is transferred in a way that minimizes the tax burden.
3. Appoint a Financial Power of Attorney
Even if your loved one is able to handle financial affairs at this time, you should encourage him or her to select someone who can take care of financial matters if your loved one is unable to in the future. The individual appointed should be trustworthy and have a working knowledge of finance and investments.
It’s also essential to find out your loved one’s preferences for continuing to live at home or moving to an assisted living facility as he or she gets older. Many older adults are choosing to age in place, and some need a helping hand to continue living at home safely and comfortably. Luckily, there is professional Home Care Milwaukee seniors can trust and rely on.
4. Create a List of Estate & Financial Information
Work with your loved one to create a comprehensive list of estate and financial information. This should include information such as the following:
- Names, addresses, and policy numbers for all insurance providers
- Information for all bank and investment accounts
- Account information for all creditors
5. Consult a Professional
Enlisting the services of an estate planning professional can be a good way to ensure your loved one’s wishes are honored. This is especially important if your loved one has extensive assets. An expert can structure the estate so assets are shielded from taxes and probate.
Many seniors begin their estate planning after being diagnosed with serious illnesses or experiencing major injuries. Some seniors only require help with a few daily tasks so they can maintain their independence. However, those living with serious illnesses may need more extensive assistance. Luckily, there is professional live-in care Milwaukee seniors can rely on. Home can be a safer and more comfortable place for your loved one to live with the help of an expertly trained and dedicated live-in caregiver. If you need professional home care for your aging loved one, our Care Managers are just a phone call away. Reach out to Assisting Hands Home Care today.
