Estate Planning Musts For Seniors Considering Moving To Assisted Living

Are you considering a move to an Assisted Living community? As you explore the options available to you and go through your checklist of things to do, ensure that estate planning is included. Now is an important time to review your estate plan and make sure it is up to date. This will ensure that your assets are protected and your wishes are fulfilled.

Here are some estate planning musts for seniors who are considering moving to an Assisted Living community:

Update Your Last Will and Testament: Your last will and testament is a legal document that outlines how your assets will be distributed after you pass. Now is the time to update your will to make sure it reflects your current wishes and that any new assets or beneficiaries are included.

Consider a Living Trust: A living trust can be an excellent financial planning tool for managing your assets during your lifetime and avoiding probate after your passing. A living trust allows you to retain control over your assets while providing instructions for their distribution after you pass.

Review Beneficiary Designations: Retirement accounts, life insurance policies, and certain bank accounts allow you to designate beneficiaries. Review your beneficiary designations to ensure they align with your current wishes, particularly if significant life changes occur.

Create a Durable Power of Attorney: A durable power of attorney grants someone you trust the authority to manage your financial affairs if you become incapacitated. This is especially important as you transition to Assisted Living and may need assistance with financial matters.

Establish a Healthcare Proxy: A healthcare proxy, or healthcare power of attorney, designates someone to make medical decisions on your behalf if you cannot. Choosing someone who understands your wishes and can advocate for you in a medical setting is crucial.

Consider Long-Term Care Insurance: Long-term care insurance can help cover Assisted Living costs and other long-term care services. If you do not have a long-term care insurance policy, now may be an excellent time to explore your options.

Organize Your Important Documents: Make sure your loved ones know where to find essential documents such as your Last Will and Testament, trust documents, insurance policies, and financial statements. Consider creating a comprehensive list and keeping it in a secure but accessible location.As you consider moving to an Assisted Living community, take the time to review your estate plan with an attorney who specializes in elder law to ensure that your plan meets your current needs and those of the future. Planning ahead lets you enjoy peace of mind, knowing that your affairs are in order.

Sancerre Senior Living Communities With Assisted Living Care

Sancerre Atlee Station in Mechanicsville, Virginia
Sancerre at Palm Coast in Palm Coast, Florida
Sancerre at Orange City in Orange City, Florida

At Sancerre senior living communities, we understand the challenges of transitioning to a senior living community and are here to help. Our award-winning team is available to answer your questions and discuss your specific needs. Reach out to us online or call us directly at 855-220-7477 to speak to one of our team members.