When most people plan for their senior years, they mostly think about a will that specifies how their assets will be distributed upon their death.
But there are other things to think about as well, such as what will happen if you have a stroke, develop a serious illness or become incapacitated?
What should you or your loved ones have in place in those circumstances?
It is extremely important to consider and plan for serious illness, not just death. While we are living longer, that doesn’t always mean we are living healthier. Stroke, complications from diabetes or osteoporosis can lead to nursing home placement. A legal plan must be established with the help of an elder law attorney when a person is healthy so that a difficult situation doesn’t become more difficult when illness or incapacitation occur.
Here are some suggestions for how you can plan ahead for serious illness:
Facing your own mortality is difficult, but don’t let the anxiety of what is to come stop you from planning for the future. The most basic part of your estate plan is a will that identifies your fiduciary or executor and what should be done with your assets after your death.
A thorough will can ensure that your assets are used and distributed to the correct people or organizations and reduce any legal and family strife.
Once you have decided to create a will, keep these five things in mind:
If your parent loses a mate, spouse or life partner, he or she may need a good deal of emotional and practical support. If you are close to your parent’s mate you may need support too. Family members, friends, neighbors and even grief groups are all good places to turn to for comfort during this time. Here are some tasks and decisions you may need to help your parent face.
Dealing with Property In some circumstances, your parent will have to act as executor in dealing with their mate’s estate and there may be a lot to do. You may need to help with such things as sorting through their records for a will or collecting insurance and other benefits. Take it one step at time and know that there are always resources to help you and your parent out. Continue Reading How to Help When Your Parents Lose a Life Partner →
Guardianship is a legal tool that grants a parent or other adult the authority to make legal decisions for a child or legally disabled adult.
There are different types of guardianship:
Guardianship of Estate – where the guardian is responsible for financial and estate matters only
Guardianship of Person – where the guardian is responsible for non-financial decision making
Plenary Guardianship of Person and Estate – which entails full guardianship of person and estate
Each type of guardianship can also be in the form of limited guardianship which means the court can choose to let an incapacitated person retain any rights he/she is capable of exercising on his/her own. There is also something called co-guardianship which can be of person, estate or both when two people share the decision making responsibility equally. Continue Reading The Basics of Guardianship →
Social media sites like Facebook and Twitter are a great tool for helping you post updates, photos, even video, so that you can keep up with friends and family. But what happens to your social media accounts when you die and you are the only one who knows the password(s)?
Most people have a plan for what to do with physical items and assets after death, but what about online accounts like social media sites and emails? What happens to them when you die? No one knows how long our online presence will last, and it is possible for someone to hijack your identity after your death based upon information they obtain online. Therefore, if you want to prevent online identity theft and have your online legacy reflect your wishes, you need to have a plan in place.