How Aging Parents Can Make Later in Life Planning Easy

A simple Google search about managing your aging process will yield many results that would help your children. But what about you? The savvy senior who wants to make things easier on your kids without becoming a burden. Well, here is your guide for planning your later in life wishes to make things easier for your friends and family. Later in life planning is important, but it is rarely easy for anyone.

What Aging Parents Need to Know

What is Later in Life Planning?

Later in life planning is an essential part of your Estate Plan that standardizes your later in life wishes. Often, as you age, it may become difficult for you to express what you want to happen should you fall ill. That is how many aging parents put a lot of unintentional pressure on their adult children when faced with making difficult decisions. 

Why is it Important?

Later in life planning is important because it helps alleviate the stress placed on your children or friends when making tough choices. The last stage of life can leave those closest to you burdened by grief and difficult decisions. Sometimes, family members have wildly different beliefs about what should happen or how your care should be managed. Creating a plan ahead of time eases this difficulty for everyone involved.

If you take the time now to prepare for the inevitable, you can relieve some of the hardship those closest to you may face. Not to mention, this is how you protect your assets.

Ultimate Later in Life Planning Checklist for Aging Parents

Now that you understand why later in life planning is so important, it is time to begin. Take comfort in the fact that once you have made your plan you will be free from the burden of putting difficult decisions on your family.

Prepare Your Later in Life Planning Documents

It’s a little overwhelming at first, but once you start the process you’ll realize it isn’t really that complicated. Being informed regarding what you need ahead of time can help. Simply, run through this checklist and prepare these documents:

• Living trust
• Living will
• Power of attorney
• Organ/tissue donor designation
• Domestic partnership agreement (if applicable)

Decide Between a Will or a Trust

Trusts are occasionally misunderstood to be something only for the wealthy. However, anyone who owns at least $160,000 in property or assets should consider one. Not only do they protect you, your family and friends, and your legacy, but they also offer a degree of privacy. Additionally, when your estate is held in a Trust, your family may avoid the costly process of probate.

Wills tend to be a more straightforward business, whereas Trusts can be a little complex. An important difference between Wills and Trusts is that a Will isn’t effective until after your departure. A Trust goes into effect as soon as you create and fund it.

List Your Assets

Your list of assets can vary widely depending on what you’ve acquired during your life. Here is a brief list of possible assets:

• Savings
• Cash
• Treasury bills
• Real estate
• Investments
• Pensions
• Retirement plans
• Life insurance 
• Artwork
• Jewelry
• Corporate assets

Determine Later in Life Housing

The most important thing to determine is what type of housing you anticipate needing. This is key in making decisions regarding what you need to know. For example, should you plan to stay in your home, you will need to know what kind of assistance is available. Should you anticipate needing more care, a Continuing Care Retirement Community (CCRC) might be the right choice for you.

Now that you know how to make later-in-life planning easier on your children, you can relax and enjoy your retirement.

Wondering what a CCRC has to offer in your golden years? Learn about aging on your terms with your FREE Continuing Care Retirement Community Guide.