Planning and Preparing For Old Age: Make It Easier With These Tips
When you are young and healthy, talking about what will happen when you die feels morbid and unnecessary. However, putting off those difficult conversations with your loved ones can make your death, especially if it is sudden or unexpected, even more difficult, and let’s face it, that is something that no one wants to think about. Ultimately, planning for the inevitable is not fun, but it is incredibly important, and you do not need to be old or in poor health to start putting plans into place. No one thinks of themselves as being old until they are sick or disabled, and this can happen at any time to anyone.
To start thinking about your old age, you do not need to have a considerable net worth or a large number of assets. In this article, we look at a few things to think about when it comes to planning the later years of your life.
Write your will
If there is only one thing you do, it is to make sure you have a will and that it is up to date. Any assets that you have, such as retirement savings accounts or any other investments, can go to any beneficiaries named in your will. This important document establishes what happens to your property, assets, and even things like children and pets, in the event of your death. It also names an executor – someone who carries out your last wishes. After your death, the executor of your will is given the power by the courts to handle your estate, Writing a will is relatively straightforward unless you have a lot of property or a complicated family situation. You can find WillTemplates online to create your own will, although to make your will legally binding, you usually need two witnesses to sign the document.
Assign a power of attorney
As well as an executor for your will, you will also need to choose someone to be your power of attorney. This is the person who will look after your finances and things like healthcare if you are still alive but unable to do so yourself. It may well be the same person you choose to execute your will, but either way, it needs to be someone that you trust. This person will be responsible for making important decisions on your behalf if you become mentally unfit to advocate for yourself.
Write a living will
A will lays out what will happen when you die, but a living will clarifies your wishes about things like healthcare while you are still alive. Most living wills provide specific directions about treatments that should or should not be undertaken if you are unable to express a preference for whatever reason. This may be whether you want to use pain management, prolonged life support, preferences regarding resuscitation and your wishes regarding organ donation. Your medical power of attorney will be in charge of this and will have the role of monitoring your physical and mental health, and decide when to make important decisions regarding these, so again, choose wisely.