While you may look forward to your retirement years, thinking about the future may require more than planning for the more joyful moments during your old age. Planning for less pleasant events may seem daunting, but this can protect your assets and your family from future turmoil.
Caregiving.com reports that with the rising cost of full-time adult care and more people than ever entering their senior years, planning for the future is now nearly a necessity. If you are not sure of where to begin, there are several factors you might consider as you create your documents.
1. Future incapacitation
While imagining yourself unable to communicate due to a sudden health emergency or a long-term illness is unpleasant, it can happen to anyone. The risk of heart attacks, strokes and certain types of cancer tends to rise as you age, so naming a medical care proxy, a financial guardian and a trustee for any trusts you plan to fund can prevent arguments and months of probate court.
2. Choosing a health agent
Planning for future health issues can protect against more than financial issues. Choosing a health agent to accompany you during doctor’s appointments, discuss your health with a physician and act as your health proxy when you cannot understand some or all of the proposed treatment plans can help you maintain good health.
3. Planning for final expenses
Your loved ones cannot follow your final wishes if you do not document them. Some final expense information may include the location of cash in your home, bank account information and which creditors may expect payment after your death.
You can plan for elder care at any stage of life and revise and update your documents as needs and life circumstances change.