Some Important Estate Planning Documents For Seniors To Keep

Senior Living

As per a recent poll by a senior care agency, only 45% of Americans have a will, and only 68% of US citizens older than 65 have a will. Whatever be the reason for this, the majority of US citizens have not taken any necessary legal planning measures. In fact, many seniors in various senior care facilities have not even thought of the first step, which is collecting all important legal documents.

Arranging estate planning is a very good way to make sure that you and your loved one’s wishes are considered and honored properly. In addition, it can ensure that your surviving family members will not be left with disputes and hefty bills.

Estate Planning Legal Documents For Seniors

Estate planning for seniors serves many functions. It will let seniors indicate properly what will be done to everything that they own, which includes, automobiles, real estate properties, investments, insurance policies, liquid cash, etc. Some of the important estate planning documents that you or your senior loved one will need are discussed below.

Power Of Attorney

This document is used to designate who is in authority to make various financial transactions on behalf of the senior person when the person is no longer able to do so. Different financial institutions will have different procedures and internal processes to designate power of attorney. Therefore, you need to get in touch with your financial institution to know the procedure.

Guardian Of Affairs

Family members of the senior person can petition the courts to appoint a guardian of affairs. The person will be responsible to make financial, medical, or both decisions if the senior person is unable to do so and has not designated a power of attorney previously.

Testament And Will

This is the document that will specify which persons, organizations, or charitable trusts will receive the possessions of a senior person upon his/her death.

Life Insurance

The senior should draft a list of all insurance policies and should make sure that the beneficiaries are assigned as necessary. In addition, the list should be included with the estate planning documents of the senior person.

End Of Life Instructions

This will include plans for the funeral, memorial, and burial services of the senior person, and should be included with the estate planning documents. As per senior care and senior living experts, the average funeral costs can range from 7,000 dollars to 11,000 dollars. Therefore, it is important to make financial arrangements ahead of time.

Estate planning legal documents of a senior person can serve many important functions for the surviving family members of the senior person. It is important to have the former in place to protect the family members from legal fees, taxes, and potential disputes from the estate.