While planning for death is an uncomfortable subject for many, estate planning is important because it helps you look after the people you love the most. Failing to make a clear estate plan can increase the costs of settling the estate for beneficiaries and lead to unnecessary stress and pain. Estate planning is also important for seniors who want to make sure their money will last as long as possible and that they will get the type of long-term care they want. Here are a few easy steps to start estate planning as soon as possible, brought to you by Columbus Home Care Assistance.
1. Organize Your Finances
The first step is identifying and organizing your assets, their values, and any debts you have. Your overall financial picture should include your home and real estate, titled property like vehicles, bank accounts, interest-bearing accounts, stocks, retirement savings, life insurance policies, and items of special value.
2. Plan for Beneficiaries
Next, decide whom you want to inherit from you, such as a spouse, children, grandchildren, and friends. Your estate plan should include the full legal name, birth date, relation, and current address for anyone who will be a beneficiary.
Think about how and what you want these people or organizations to inherit from your estate. It’s important for families to have an open discussion about this as there may be cherished items that one child would appreciate to have.
3. Name Your Power of Attorneys
Estate planning details more than who will get your assets. It also protects you while you are still alive. You should choose a health care proxy and durable power of attorney you trust in the event you are unable to make your own decisions at any point in the future, although your estate plan can include special instructions for your care. This may include a specific facility or which types of treatments you do and do not want.
4. Make Funeral Plans
While it can be hard to plan for your own funeral, making these end-of-life decisions will make a very difficult time a bit easier for your loved ones. Your estate plan can include your preference as to burial or cremation as well as instructions for the memorial and funeral. Some people choose to prepay funeral expenses as well. If you have a life insurance policy, include the policy details in your end-of-life plan.
5. Make Plans for Long-Term Care
In your estate plan, you’ll also want to include preferences for long-term care, like senior home care in Columbus, especially if you plan to age in place. To learn more about home care near you, reach out to Home Care Assistance of Columbus. We provide hourly and live-in home care for seniors in Columbus and create a custom care schedule for each client to ensure his or her specific care needs are met. Give us a call at (614) 481-8888 and schedule a complimentary in-home consultation today.