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. The staff at Home Care Assistance, a leading provider of Chandler elderly care, suggests these 5 ways to best assist your loved one with estate planning.
1. Designate a Health Care Power of Attorney
You should encourage your loved one to choose someone to make medical decisions on his or her behalf if he or she should become 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.
2. Make Sure the Will Is Up to Date
Putting together a will is an essential part of estate planning. Unfortunately, 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 he or she is unable to in the future. The individual appointed should be trustworthy and have a working knowledge of finance and investments.
4. Create a List of Estate and 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.
Helping your senior loved one with estate planning can give him or her peace of mind knowing important decisions are being taken care of. However, there may be other tasks he or she needs assistance with. Does your loved one live alone and you worry he or she may not be receiving enough attention and support? Home Care Assistance provides both part-time and 24-hour care Chandler seniors and their families trust. Our compassionate caregivers can help your loved one with daily tasks such as cooking, cleaning, exercise, and much more. Call (480) 448-6215 today to schedule a complimentary consultation with one of our Care Managers.