Planning for the future isn’t always easy, and it’s even more complicated when this plan is on behalf of an older family member. But instead of putting your head in the sand and waiting for others, preparing now can make all the difference later. Today, we want to talk about the most effective ways you can review your senior family member’s existing financial protections and plans – as well as how to update them to the modern day and integrate them into long-term care considerations, such as assisted living and memory care.
Review Insurance Policies: If you are just beginning to document your financial affairs, reviewing and updating insurance policies is a great place to start. Homeowners’ insurance might be outdated, especially if they haven’t been reviewed in years. Property is often the primary way seniors pass wealth and legacy to family members, and protecting that value is vital. You should also review their health insurance policies and consider adding long-term care insurance, which can be a game changer if your loved one eventually needs assisted living or memory care.
Organize and Safeguard Financial Documents: You want to ensure that many types of paperwork are up-to-date, including wills, trusts, health insurance accounts, and property deeds. Those documents need to be organized and stored safely, with digital backups being a lifesaver. You can choose from popular online services like Google Drive or Dropbox to provide safe and easy access to any family members who need them. During emergencies, having digital copies means getting the information you need right away, not requiring trips to a specific location.
Conduct a Home Inventory: Home inventories are an overlooked way to protect a loved one’s finances and assets. They are simple, effective, and often necessary if anything happens to your loved one’s property and insurance gets involved. Walk through their home and record their belongings on your smartphone, or use an inventory app to keep track of everything. For valuable items like TVs or watches, it helps to jot down model numbers and serial numbers, making insurance claims much smoother. Remember: a home inventory is only helpful if the underlying insurance policy protecting the home and its contents is adequate.
Strengthen Digital Security: Many seniors have numerous online accounts, and managing passwords can be overwhelming, even if they don’t struggle with cognitive issues like dementia. Password managers are secure tools that keep all their passwords in one place, only requiring them to remember one master password. At first glance, they may seem like overkill, but they turn every online account into a fortress that cannot be easily breached. Strong and unique passwords are crucial for guarding against identity theft, which becomes a more significant concern for loved ones whose memory starts to decline.
Review and Update Estate Planning Documents: Last but certainly not least (regarding financial prep), estate planning through creating simple documents like wills, trusts, and powers of attorney provides peace of mind to seniors and families alike. Seniors without these documents should create them ASAP, and if they already exist, they should regularly review them to reflect any changes in health, assets, or family situations. Estate planning attorneys make the process as simple as possible, and family members can facilitate transportation to and from meetings to eliminate any burdens keeping senior loved ones from making these necessary preparations.
These financial plans aim to limit worst-case scenarios, putting preparations in place to assist when property damage, health scares, or criminal activities threaten your loved one’s economic future. But at the same time, it’s important to think about the future living situations of your family members, especially if memory and cognitive issues are a concern. Assisted living facilities with integrated memory care allow seniors to move into a facility, live an independent life, and transition into more involved staff care programs once dementia, Alzheimer’s, and other conditions worsen.
If you need to prepare for your loved one’s future and determine how you will pay for their long-term care, consider A Banyan Residence. Assisted living and memory care are the better choices for seniors who need daily assistance and will provide greater safety and security compared to at-home living in unsafe houses. Contact us today to tour our facility and learn how we can fit into existing financial care plans for your loved one.
