Older adults often move to senior living communities. Before doing so, they should have certain legal documents in place. These documents ensure that their wishes are known in the event of a decline in their health.
Men and women relocating to assisted living aren’t the only ones who need these documents. Every person should have them in place to ensure their wishes are known. What are these documents, and why are they important?
Medical Directive
A medical or advance directive allows others to know the level and extent of care desired if the person becomes ill or incapacitated. It outlines what the person wants regarding heroic measures such as artificial support for eating and breathing. They may believe these measures will negatively impact their quality of life.
Healthcare Power of Attorney
When a senior becomes ill, they need a healthcare power of attorney. This document informs the medical team of who is authorized to make healthcare decisions on their behalf when they are unable to do so. If a person does not have a healthcare power of attorney in place, their family must appear before a probate court to request that a conservator be appointed to act on their behalf. This process is costly and time-consuming.
Financial Power of Attorney
Every person needs a financial power of attorney in place. If they become ill or incapacitated, the document names the person who will be responsible for overseeing their finances. These individuals will pay their bills, choose where they live, buy or sell property on their behalf, and contract services.
Revocable Trust
A revocable trust can be established to allow a person to retain control over their assets while transferring them to beneficiaries. The individual decides what assets they put into the trust and what items each beneficiary will receive. While the individual is alive and capable of making their own decisions, they serve as the executor of the trust. The revocable trust ensures that the estate does not go through probate.
Every person should consider a revocable trust. It serves as a will, avoiding the need for probate and eliminating any guardianship process that may be required without this document. The individual remains in complete control of their assets as long as they can. People often think revocable trusts are only needed by those with massive estates. Any person with assets should consider this option. Unlike a will, a revocable trust is not a public document. It remains private, which is what many people prefer. Furthermore, individuals with assets in multiple states typically require a revocable trust. Otherwise, their estate may be required to go through probate in multiple states, which is costly and time-consuming.
Will
Every person who opts not to set up a revocable trust needs a will. This document outlines which assets go to which person. People often delay writing their will until they are older, but using a Last Will and Testament kit makes the process easier and more organized at any age. Any person with assets needs this document, even if they only own the clothes on their back. It prevents fighting when they pass.
Additionally, a will can specify who will serve as guardian for any dependent children. When a person doesn’t have this document, the court steps in and makes these decisions. The family has no say in it.
Every person needs these documents, but they become even more critical when a person moves to an assisted living facility. They require additional support, and the community can offer this assistance. However, these documents are needed to protect them when their health declines, which it will. Every person has to prepare for this eventuality, and these documents help them do so.
