Top Four Estate Planning Tips.
When it comes time to consider downsizing, many seniors and boomers focus on the obvious tasks at hand, including decluttering their home, making preparations necessary to place their home on the market and deciding whether to live in a retirement community or elsewhere.
But what some of them may overlook is one of the most crucial parts of the downsizing process: estate-planning. Estate planning involves officially recording one’s wishes for their end-of-life plans, which includes naming heirs and distributing their estate.
Seniors who forget this task may come to regret it later. Let’s take the example of a senior couple who sells their estate and decides to use the profits to help fund their retirement in a retirement community. One of them passes away soon after, and the inheritance ends up in the hands of a child from a previous marriage. This could cause an unnecessary hardship for the surviving spouse. Continue reading
Tips for Communicating End-of-Life Wishes.
American science fiction author Frank Herbert once said, “There is no real ending. It’s just the place where you stop the story.”
Death is not a pleasant topic to discuss, and the ability to do so does not improve with age. In fact, the older we get, the more uncomfortable it can be to talk openly and honestly about what is inevitably waiting for each and every one of us.
However, the failure to communicate end-of-life wishes can be a costly one. According to information from the U.S. Centers for Disease Control and Prevention, most people would prefer to die at home – yet only a third of adults have an advance directive expressing that desire.
What is an Advance Directive?
An advance care directive, also known as an end-of-life plan, is a legal document which details provisions for an individual’s future healthcare decisions should they become mentally or physically incapacitated. There are two main types of directives: a living will and a durable power of attorney for health care. Continue reading
Learn the Benefits of End-of-Life Planning.
When thinking of going on a vacation, we plan every detail of our getaway down to the last minute. We know where we’ll stay, what activities we plan to engage in and even how we’re going to get there. And chances are, we even know how we plan to pay for it all. So why would we put any less effort into planning our needs for the final stages of our lives?
Yet end-of-life planning is not a phrase that any of us likes to hear, let alone find ourselves saying out loud. However, it has become an important part of the aging and retirement process, and regardless of whether thinking about your death makes you uncomfortable, it is a step in the process that really should not be avoided for your own good, and the good of your family. Continue reading