I read an article recently discussing estate planning and how heirs deal with belongings after a person dies. This kind of planning is certainly important but the article made me think about the importance of ensuring that adequate plans are in place for our senior years.
For example, are there written plans in place for nursing care, should it be needed? How about a Living Will? How about the issue of dementia care? No one likes to think of becoming disabled and dependent on others for basic care, but the possibility exists.
Far too many ignore long-term care insurance. Who becomes caretaker should a disability occur? Are funds set aside for this purpose? If not, there are government programs that assist with nursing care for the elderly. There are Veterans Benefits for qualifying military and ex-military. For those with minimal assets, Medicaid can help. It is imperative to do the research early.
A Living Will ensures that should a person become unable to direct his own medical care, earlier directives in said Living Will document will apply. It is a document giving a trusted person the authority to make medical decisions on one’s behalf if the patient is no longer capable of doing so. This document directs a selected person to authorize certain life-saving procedures on another person’s behalf. A DNR, “do not resuscitate,” order can sometimes be added to the Living Will or be part of a separate document. Attorneys can best advise on this.
Everyone needs a legal Last Will and Testament. There are certain laws that must be followed regarding property dispersal in most states. Some states honor a hand-written and properly witnessed and notarized will; others do not. The burden of figuring out an estate should never be left to a person’s children or other heirs. Write out specific instructions in advance. Provide legal documents that make it easy for your heirs to follow. Be specific. Often when there are multiple heirs, the term stating ‘the estate shall be divided evenly’ sounds specific but is actually ambiguous. This one statement has brought families to infighting that may lead to heirs never speaking to each other again.
If a person is being given a lifetime use of a property – to live in or sell at his or her discretion, state it in a will. In one family, a brother who looked after both parents for many years was left such a lifetime use. Animosity arose when another felt the property should be sold and the proceeds evenly divided immediately. Had the lifetime use not been clarified in the parents’ will, the courthouse might have been the next step in estate division.
Always choose a trusted person or entity, such as a lawyer or bank, to become executor of the will. Choosing a family member is not always best. The chance of receiving a windfall has the ability to change loving families into warring factions.
If you have not set the plans in place that work for you, visit your lawyer and do so. That will provide peace of mind for you and your loved ones.
