A Senior’s Guide to Estate Planning: Wills, Powers of Attorney, and More

Too many seniors do not even have a will. Even if you do, there is more you can – and should – do to prepare for your passing. Everyone dies. If you don’t decide ahead of time what you want to happen with your belongings and other assets and take steps to ensure your wishes are followed, someone else will do it for you after you’re gone.

They could make decisions you wouldn’t have approved. However, the biggest concerns are delay and the extra burden it puts on your family. Without a will, a designated executor, and an estate plan, there will be lengthy probate, legal fees, and even the possibility that the court itself will decide the disposition of your estate.

Not Wealthy? You Still Have an Estate

“Estate” is the official term for all the things that you own, from property and personal belongings to investments, insurance policies, and so on. So, estate planning is the process of deciding who will get those things upon your death. But it’s more than that, because a properly executed estate plan also outlines what you want to happen should you become physically or mentally incapacitated. So, there are multiple benefits to creating a comprehensive estate plan:

• Possibly avoid probate, the legal process in which a court validates your will and then administers your estate or supervises your executor as they handle those tasks. This includes settling any outstanding debts. Probate can be slow, and it can be expensive.
• Minimize inheritance taxes that might otherwise be owed, leaving more for your heirs.
• Potentially make it possible for you to receive government benefits such as Medicaid to help support long-term care.

Think of an estate plan as a complete package that pulls together several important documents:

• Last will and testament
  Describes how you want your assets distributed and appoints an executor. For those with minor children, a will also defines who will care for them going forward.
• Living will (also called an advance directive)
  Specifies what medical care you do or do not want to receive if you are no longer capable of making those decisions on your own.
• Medical power of attorney
  Appoints someone to make medical decisions on your behalf, in accordance with your living will if you have one.
• Financial power of attorney
  Appoints someone to handle your finances, including paying bills, if you are no longer capable, either temporarily or long-term.

Consider a Trust

An estate attorney will probably suggest creating a trust, a legal entity that holds and manages your physical and financial assets. You can appoint yourself trustee, if you wish, which means you’ll still control everything just as before. A trust enables you to avoid probate and further reduces stress and headaches for your heirs. Trusts can be revocable or irrevocable.

Don’t Put It Off

The sooner, the better, as they say, and none of us knows what the future holds. If you’re considering a move to a senior living community, this is an auspicious time to tackle estate planning. You’ll be downsizing and thinking about how to pass along items that won’t move with you, so thinking more broadly about disposition of other assets makes perfect sense.

Creating an estate plan is not morbid. It’s smart, and in many ways it is the best gift you can give to your heirs. It can feel overwhelming, but an estate attorney can guide you through the process and ensure nothing is overlooked. The National Council on Aging created this helpful estate planning checklist to get you started.

Choosing a Senior Living Community Should Also be Part of Your Plan

Planning ahead isn't morbid. It's one of the best gifts you can give yourself and those you love. Just as an estate plan ensures your wishes are honored, choosing the right senior living community lets you shape how you'll live in the years ahead, on your own terms.

Give us a call at 1-855-540-LIFE (5433) or contact us online to schedule a tour at one of our eight campuses in south Georgia to learn more about how joyous senior living can truly be!