Nobody plans on being sick or disabled. There are emergencies in life that occur when you least expect them, and they can transform every aspect of your life. The elderly must prepare for such incidences, especially because they are older. They don’t wish to leave their family scrambling for assets when they can plan the family’s future and calmly leave them to execute the plan. Below are ways you can help your elderly loved one to feel more prepared.
1. Inventory Making
Just 37% of American seniors have updated directives in store for extinction planning in the event of sudden health deterioration or disability. You can help the elderly loved one make a list of all the valuable items in the house. Examples of valuable assets include jewelry, vehicles, and art hanging on the walls. You can show the elderly how to use a database to store records permanently. As the days pass, you can assist them with adding more items to the list.
The elderly may wish someone to inherit a certain item. Thus, you could consider adding that to the list to stay prepared. Creating an inventory list can be better than you may have thought. Also, it would be wise to make copies of the list to distribute to various members.
2. Non Tangible Assets
After assisting your loved ones to do an inventory of valuable items in their houses, you can continue and help them in adding non-physical items to the list. The non-physical items include life insurance policies, bank accounts, title deeds, brokerage accounts, and other insurance. You can help your loved one record the assets’ location, account numbers, and passcodes. If there are firms that owe your loved ones, ensure you list them and their contact information.
Ask the loved ones about the debts they owe and list them. The debts would include mortgages, auto loans, and credit cards that are used regularly. If the elder is a member of any organization, enlist them all because these organizations sometimes offer lifetime benefits to the family members and may be eligible to collect the beneficiaries.
3. Estate Planning
Estate planning involves documenting an elderly person’s personal decisions and that will enable their family to execute their wishes with less stress in less time. The matrimonial right of election entails a spouse can maintain one-third of their partner’s estate. Some people do estate planning as a gesture of kindness to their family members. You can assist the elderly with typing the documents they define for family members to receive certain assets.
You can search for estate planning attorneys who are professional and experienced. It would be helpful to drive your elderly loved one to their office to discuss strategies and personalized documents like a will, revocable trust, power of attorney, and health care directives. You can advise your loved one if the attorneys are worth the task or not because estate planning is a crucial matter that needs extra attention.
4. Will Drafting
Everyone over 18 years should have a will. A will is a command book for distributing one’s assets and is the only thing that can prevent havoc in one’s family if death occurs. A will also state who can care for your kids and pets, and you can also give back through charitable organizations. You can assist your loved one in drafting a will and have it signed by two non-relative witnesses. You can also ensure the witnesses know how to access the document when required.
5. Medical Care
Even after preparing for the worst, you can take care of your loved ones by taking them to regular hospital check-ups. Diseases like heart attacks, blood pressure, and diabetes can cause indefinite deaths if detected late. According to the World Health Organization, the mosquito spreads more diseases than other insects and accounts for roughly hundreds of millions of diseases annually. For your older loved one to live long and happy, enroll them in regular medical care. If they cannot get to the hospital, you can make house calls where a doctor can come and give them the medical attention they deserve.
Procrastination is the worst aspect you can have. While no one wishes to think of health issues, being unprepared or improper planning can lead to undesirable circumstances. They include family disputes, valuable assets landing in the wrong hands, and excess tax payments on estates. It’s time to keep your elderly loved ones prepared, so arrange the right time and get started.