Thinking about the end of your life can be uncomfortable. However, it is essential to have a plan. With a plan in place, you can ensure people follow your wishes after your death. It can also prevent disputes and relieve stress from grieving family members. This post will cover the steps for end-of-life planning for seniors.
End-of-Life Planning for Seniors
Assess Your Finances
One of the first steps in planning the end of your life is taking stock of your assets and debts. Gather documents about all your bank accounts and retirement accounts. If you have assets like stocks or real estate, you’ll need to account for that as well. You should also gather any loan documents for outstanding debts you may have. If you have a financial adviser, they can help you with this process.
End-of-Life Preferences
Many of us would be surprised to realize they might need to make many decisions concerning their end of life. One simple decision is what you want your family to do with your remains. However, you may also need to consider various healthcare decisions. For example, you should consider whether you want resuscitation. Determine whether you want multiple forms of life support or other life-sustaining measures. You should also consider whether you would like to be an organ donor.
Your Beneficiaries
Seniors will need to list their beneficiaries. Think of whether you still have a living spouse. Consider all your children and grandchildren. Along with listing people as beneficiaries in various documents, you may also need to designate beneficiaries. Consider the beneficiaries for your bank accounts and insurance policies. Regularly review beneficiaries and make updates when required.
Create Financial Documents
Once you’ve assessed your finances, settled on preferences, and determined beneficiaries, you can make the necessary documents. Most older people should have a will. A living trust might be beneficial for estate planning. Consider a durable power of attorney. Consulting an elder law attorney can help you determine which documents you need.
Document Healthcare Wishes
Beyond documents for your finances, you should also document your healthcare wishes. For example, an advance directive can inform your medical preferences if you are incapacitated. You could also set up a healthcare power of attorney to assign someone to make healthcare decisions on your behalf when you can’t.
Plan Your Funeral
There is more to planning your funeral than what happens to your remains. You can also include language in your will about your preferences. Beyond that, you can pre-fund your funeral and burial. You could buy a casket or an urn. Seniors can also purchase burial plots. You can also plan for funding with life insurance or funeral insurance.
Convenient Senior Living Solutions Done Right!
Canopy Senior Living is Atlanta’s most trusted, experienced, innovative senior living management company! We dedicate ourselves to creating an excellent and caring environment for our residents and team members. If you’re interested in our services, message us by clicking here.
Thanks for visiting!