After a life of hard work, estate plans, in all forms, protect your assets, wishes, and desires in times when you cannot make decisions for yourself. A comprehensive estate plan can reduce the likelihood of familial disputes, minimize probate issues, and alleviate stress for your loved ones. Everyone should have an estate plan, but seniors obviously have more urgent needs. In this blog, we will help you learn about current mainstream recommendations for senior estate planning and give you the confidence you need to work with a professional to craft a suitable estate plan.
Common Types of Planning Documents For Florida Seniors
Wills: A will is the most well-known estate planning document among the general public. It provides someone with a way to outline how their assets should be distributed after death, including naming guardians for minor children or dependents. It’s typically the foundation of most estate plans and can prevent disputes or legal battles over inheritance.
Trusts: Trusts allow seniors to transfer some or all of their assets to beneficiaries without going through the lengthy and often costly probate process. Trusts can also be specifically tailored to manage funds for particular needs, such as caring for dependents or covering healthcare expenses like hospice, assisted living, and memory care.
Power of Attorney: Powers of Attorney grants someone the authority to manage financial matters if you become incapacitated for a variety of outlined reasons.
Healthcare Directives: A healthcare directive outlines your medical care preferences and designates a close family member or trustworthy third party to make medical choices on your behalf after incapacitation.
The best way to learn what you need to fortify your estate plan is to contact a professional. If you have no plan, you definitely should consider creating a will. But if you already have a will, you should still consider setting up trusts or outlining your wishes through directives. Being thorough is never a bad idea!
Risks of Senior Estate Planning Without Legal Assistance
So, how can an estate plan help with a transition to assisted living? Without a proper plan in place, it’s easier to see the risks that arise.
Many people attempt to handle estate planning on their own, but without professional help, critical mistakes are sure to follow. Hastily put-together wills and legal documents may not meet legal standards or stand up in court, leading to confusion and the potential for disputes among family members. For example, a will might fail to cover all assets or be improperly executed, making it invalid or contestable in court. At that point, funds urgently needed for care costs for the incapacitated senior may not be available.
When you have a valid estate plan in place, family members no longer have to worry about these issues. Should something happen to you that warrants a transition to assisted living or memory care, especially if it incapacitates you, you don’t want any slowdowns. Relying on generic online templates isn’t a great idea, as these templates often fail to account for unique circumstances or specific Florida laws.
If you are considering assisted living or memory care for yourself or a family member, an estate plan is an excellent place to start. Whether you need to create a plan to include assisted living concerns or work within established guidelines to disburse funds as needed, facilities can help by working within your limitations and finding the right care plan that fits within your budget. Contact A Banyan Residence today to schedule a tour of our facility and learn more about your options!
