Tips for Estate Planning for Seniors
Estate planning is the best way to let your family members know your preferences and wishes. But for most seniors, a simple will isn’t the only document they need to complete. Instead, estate planning includes designating Power(s) of Attorney (POA), creating a Living Will, and discussing the option of resuscitation. It’s never too early to begin your estate plan. Here are a few tips to make your estate planning as thorough, and as stress-free as possible.
Work With the Right Lawyer
While any lawyer can assist you with your estate planning, you would be wise to connect with an attorney who has extensive experience working with seniors. Estate planning can feel like a tedious job and can require thinking about a variety of end-of-life scenarios. You want to work through this with an attorney who is experienced, patient, and detail-oriented.
Speak With Your POAs Before Designating Them
Designating POA is crucial to your estate plan. Some adults choose to divide this responsibility by naming one person as the POA of financial decisions and another person as the POA of healthcare decisions. This is not necessary, but it can feel like you are easing the burden of all the decision-making by spreading it out to 2 people. Whether you are designating 1 or 2 people, make sure you have spoken with them about it before you add it to your legal document.
Being a Power of Attorney is a big responsibility and some people might not have the bandwidth to take it on. Or, they may have accepted the role but are now in a position where they cannot do it, meaning you need to change your designations with your attorney.
If your potential POA needs more clarification about what the role entails, or if they have questions, direct them to your lawyer.
Consider a Living Will
A Living Will is a legal document that outlines your preferences when it comes to a variety of end-of-life situations. Having your wishes documented can not only ease the decision fatigue that your family members will most certainly experience, but it will also ensure your preferences are being met during these situations.
Take your time when thinking about your Living Will answers. You don’t want to feel rushed or pressured into making certain decisions. Your lawyer should walk you through the document and then give you ample time to answer the questions. Be sure you are discussing your answers with your loved ones as well; this way, they won’t be surprised at the healthcare POA’s choices.
Be Flexible and Ready to Change
Finally, your estate plan can (and likely will) change over time. For example, you might not want a Do Not Resuscitate (DNR) order when you are 60. However, that might change as you get older or are diagnosed with certain terminal diseases. Similarly, you might want to change your POA designations or switch your answers to your Living Will proclamation. It’s okay. Remain flexible and work with your family and lawyer to adjust your documents as necessary.
A complete estate plan, along with the right discussions about it with your family members, can be the best gift you can give those around you. It is worth it to begin the process soon.