Amanda Singleton spent 51 weeks, 24 hours a day, as her mother’s caregiver until her mother’s living will took effect. It allowed her to focus on spending quality time with her in her final days. When her mother passed, Amanda’s mind, heart, and soul were at peace.
You can do the same for your loved ones by consulting with an attorney specializing in family elder law. They will draft your living will and other essential legal documents to get your estate planning in order.
Peace of mind isn’t the only benefit you and your family will enjoy. Proper estate planning gives you control over your affairs and ensures that loved ones honor your wishes when you’re gone. This article provides a comprehensive guide on the must-have documents you need to achieve this.
Key Legal Documents Every Senior Should Have
Seniors have unique needs including healthcare, asset protection, and special family dynamics. Family elder law focuses on safeguarding seniors’ rights and assets. It emphasizes the importance of estate planning for seniors and the key legal documents they should have, including:
Last Will and Testament
A last will and testament outlines the wishes for your assets, property, and care of dependents after you die. It should specify:
- Who will inherit your money, home, and other personal belongings
- Who will care for your children under 18 at the time of your death, if any
- How remaining expenses will be paid
Your last will and testament should also name an executor. This is the person you appoint to manage your estate. The person must account for all assets and transfer them to your beneficiaries.
It should be someone you trust who is willing and able to perform the role’s duties. If you don’t appoint an executor, the court will appoint one.
Revocable Living Trust
Wills and trusts help manage the distribution of your assets after death. The main difference between the two is when they become active. A will takes effect after you die, but a revocable living trust becomes active while you’re alive.
However, this only occurs if you become incapacitated, allowing ongoing asset management by an appointed trustee if you can’t handle your affairs. You can also specify what powers the trustee will have and how they should distribute your assets.
Like a will, trusts also primarily concern asset management after death, helping to avoid probate. It’s often an expensive and lengthy legal process where the court validates the will and appoints someone to manage and distribute the assets.
With a revocable living trust your assets pass to your heirs without court involvement. The successor trustee can distribute them to beneficiaries according to the trust’s terms – a much faster and less expensive process.
Power of Attorney (POA)
A power of attorney ensures someone can make medical and financial decisions for you if you become incapacitated. There are different types of powers of attorney:
- Durable POA – lasts after or begins upon the incapacitation of the principal
- Limited POA – someone acts on behalf of the principal for a specific purpose and timeframe
- Springing POA – only becomes active only under certain conditions
Having a power of attorney helps avoid the lengthy process of obtaining guardianship.
Advanced Healthcare Directive (Living Will)
An advanced healthcare directive (AHD) outlines your preferences for medical care if you are unable to make decisions about your treatment. Also known as a living will, it lets your family, caregivers, and doctors know what you want if you can’t communicate your wishes. You can also appoint someone you trust to act on your behalf.
Healthcare directives can include specific details about treatments you want and don’t want, such as do-not-resuscitate (DNR) orders or being kept on a ventilator.
HIPAA Authorization
With HIPPA authorization, you permit the use or disclosure of your protected health information for specific purposes. It can be essential during health crises. Your loved ones can use the information to make informed decisions about your care and treatment and pay your medical bills.
It can also assist with your long-term care if needed.
Long-Term Care Plans
Senior legal planning should anticipate your future healthcare needs. Create a comprehensive plan that addresses current and future care needs. It should include financial strategies to protect assets and qualify for healthcare benefits.
Additional Important Documents
The documents above are an essential part of estate planning. However, other important documents can assist loved ones and caregivers with your medical care. While others can help facilitate the transfer of assets or the sale of a property.
Beneficiary Designations
Beneficiary designations are often made for various assets. These include:
- Insurance policies
- Retirement accounts
- Annuities
The beneficiary listed will receive the relevant assets after your death. Unfortunately, life changes often make these designations outdated. Ensure your assets go to the persons you intended them for by updating beneficiary forms regularly.
Personal Medical History
Documenting your medical history can also help loved ones during a health crisis. It gives them information about your medical conditions, medications, and allergies. The ability to access your history quickly is crucial if making life-or-death decisions.
Property Deeds and Titles
Property deeds and titles facilitate the transfer of ownership or property sale. When an estate doesn’t have a deed or title, it can result in legal issues. Third parties may not recognize the legal owner or the title may be subject to claims from creditors.
Family Elder Law: Peace of Mind for You and Your Loved Ones
Family elder law helps safeguard seniors and their loved ones. It ensures you have the essential legal documents to receive the care you need while protecting your assets and wishes.
Being proactive about your estate planning gives you and your loved ones peace of mind. It puts your affairs in order and allocates finances so you can enjoy an enhanced quality of life.
You can do this at The Welstone at Mission Crossing, a lively independent living retirement community that offers great value to residents. Gourmet meals, an active social calendar, and a modern health and wellness program are just a few of the amenities you can look forward to.
Contact us to schedule a tour and find out what else we offer.
