As you grow old you may have heard the one thing we all have in common is death and taxes. This is true, and do you have your affairs in order for when you need to divide assets and turn things over to your children or charities of choice. Not many like to talk about the end of life or planning for it, but to have your wishes honored, it is a good idea to start the planning sooner rather than later. What does that plan look like? For most people it is very similar.

Quick Checklist to get Affairs in Order

Estate Planning

As mentioned before, everyone has a different situation. You should get legal  documents ready on how you want your estate and finances handled for the future. The most common documents that you need to be concerned with are your will, power of attorney, living trust. Your will outlines how you want your property, money and other assets distributed upon your death. A will can include what happens with dependents under the age of 18, adult dependents, pets as well as end of life arrangements (funeral) and gifts to charities. Your Power of Attorney is essential for someone to make decisions regarding money or your health when you are not able to do so. Finally, a living trust will name and instruct an individual to distribute property or funds on your behalf when you are no longer capable of making those types of decisions. 

Future Healthcare Needs

This step does not need to be complicated. You can store your documents in a file or file cabinet that is easily found by you or your Power of Attorney you have selected. Some people get a fireproof  and/or waterproof safe to keep all documents safe and out of harm’s way. Also if you have your documents in a bank deposit box, have a copy at home too–just in case. These documents should be a part of your future health plans and wishes. Sometimes these documents are helpful when you get sick and need extended care. Also it is very crucial to have your health wishes spelled for unexpected health issues as you age.

Legal Documents and Important Papers

Make sure your legal documents are in one place and easily found by you or someone you assign to be in charge of your estate and finances. As mentioned above, you can have the documents in more than one place for safety purposes. You do not have to discuss your affairs, but do have a person or lawyer in place that can locate all the important documents and instructions, as needed and especially in case of an emergency.

Care Planning with your Doctor and Caregiver

First and foremost talk to your doctor, family, and chosen caregiver about how you want health decisions made, as you may face different illnesses or life threatening diseases. What kind of treatments do you want? What kind of care do you need? How will you pay for this? These are all questions that need to be answered. Medicare and private health insurance coverage should be discussed and put to use, so there are no surprise expenses to anyone. Make sure to give permission to your doctors, lawyers, insurance providers, and credit card companies to talk with you family and/or caregivers about any details regarding your health and estate. 

Review Plan Frequently

At least once a year take time and review your plan. Sometimes life can throw some serious events that can change your plan such as divorce or a major health issue. Be sure to check your estate planning, again at least once a year.

Planning for your legacy is not easy and making decisions while you feel in sound mind and body feels odd; however, getting everything in writing and having someone you trust to watch over it or manage it is awesome. Learning the best method of care for your aging loved ones is not always easy. If you have more questions or concerns about your aging parents, contact Ann Jamison at Senior Living Options. Ann is experienced with aging adults and how to find the best living arrangements or resources for your parents at each chapter of the aging process. She has been a caregiver and has expert advice to help you have a positive experience while helping mom or dad move to the next chapter of living a full and purposeful life. 

Author: Ann Jamison

Ann Jamison is an experienced senior advisor who has successfully worked with hundreds of families to help them find the best care and home-like environment for themselves or their loved ones. Prior to launching Senior Living Options, Ann was an eldercare advisor for a national placement agency and served as sales director at a senior living community. Thanks to her 25-year career in advertising sales and marketing, Ann is able to discern between hype and reality for her clients. Ann recognizes that there are objective factors that need to be weighed when making a life-changing decision, but she can also assess the important softer attributes by getting to know her clients and by using the gut instincts that can only come through extended experience.