Legal and Financial Tips when Considering Assisted Living
So, you’ve decided that moving into an assisted living community is the right choice for you or your loved one — now you have to start getting ready for the transition. While everyone thinks of what furniture they should take, how to sell their house or how to decorate and plan their new space, many people forget to consider their financial and legal well-being. Here are some tips from our assisted living community in Camden County, NJ:
- Create a medical directive. Also known as a Medical Power of Attorney, this legal document allows you to give a person of your choosing, the power to make healthcare decisions on your behalf if you are no longer able to do so yourself. You can record your preferences for treatment, end-of-life care, and whether you want certain advanced lifesaving measures. This is a helpful document at any age but becomes increasingly important as we get older. It helps avoid disputes on care between family members and ensures that your wishes are met, even if you are unable to advocate for yourself.
- Create a financial power of attorney. This legal document allows you to empower a person of your choosing to carry out your financial wishes, if or when you are no longer able to do so yourself. You can expand or limit the control the person will have and you can include access to bank accounts, the ability to buy and sell shares, sign income tax returns and manage real estate – essentially any financial transaction. This is helpful for many seniors who struggle to manage their financial affairs properly and is a useful tool for ensuring that your wishes will be carried out regardless of your state of health.
- Update your estate plan. Ideally, you should have a will (or bequest) as soon as you start to accumulate assets, and it should be updated through the years, as your life changes. For many seniors, however, their last will was likely made decades ago. If this is the case, then you should make an appointment to update your estate plan.
You may want to exclude or include beneficiaries, set up trusts for your grandchildren’s educations or even make gifts to loved ones. Having an accurate, updated estate plan ensures that your wishes will be carried out and that your loved ones are cared for, providing essential peace-of-mind.
At Collingswood, assisted living is all about quality of life!
Collingswood is part of United Methodist Communities, a network of senior living communities NJ specializing in high-quality care and support. Our communities are known for their beautiful settings, spacious residential apartments and a wide range of resident services. With qualified and experienced nursing, therapy and management staff on hand to provide expert assistance, residents enjoy all the benefits of independent living for seniors.
To find out more about United Methodist Communities, our senior living community or our assisted living services, please contact us and book your visit today at United Methodist Communities at Collingswood.