If you or your loved ones have been putting off the tough talks about power of attorney, financial matters and all the other conversations that can seem difficult, it might lead to problems in the future. But you don’t have to worry, as many of the steps here are relatively painless and could lead to a better relationship among family members. After all, taking care of money now leaves less room for future squabbles.
1) What are you going to do with your money?
Making a will can seem tedious, but if records are in the right place it should be easy for an estates lawyer to handle most of the fine print. Instead, make a list of your most valuable assets, as well as ones with sentimental value. Divide these up to the people or organizations that you want to have them and remember that you can always go back and change it. This might also be the time for assisted living facility residents and their loved ones to decide who will handle the will and be named executor.
2) If the worst were to happen, who’s in charge?
Designating the executor is one step, but you also need to have someone who has power of attorney to make medical choices and financial decisions. While these can be different people, it’s vitally important to make sure that someone has these powers who can be trusted in the worst case scenarios where a loved one has lost their ability to make a choice or express it.
3) Has everybody been told who could be affected by these changes?
There’s no such thing as a party to announce powers of attorney assignations or will creation, but it doesn’t mean that those closest to elderly relatives should be kept in the dark about these changes. Instead, during visits or a non-holiday dinner, let family members know that these decisions have been taken care of and who may be responsible for taking care of end-of-life decisions.
4) Something changed, what do I do now?
If assets have changed value drastically, an especially common occurrence thanks to the recession, it may change how a will is written and what amounts each recipient will get. Making sure that each of these documents is updated as frequently as possible (once a year is a good starting point) will help to make sure that no one is left to guess what an assisted living facility resident’s thoughts would have been in the time between when they made the first draft and when something happens.
Tags: end of life, estate planning, power of attorney, wills
