Page 20 - Healthcare News 2024 Senior Planning Guide

Getting Your Affairs in Order
Follow This Checklist to Prepare for the Future By the National Institute on Aging
No one ever plans to be sick or disabled. Yet, plan- ning for the future can make all the difference in an emergency and at the end of life. Being prepared
and having important documents in a single place can give you peace of mind, help ensure your wishes are honored, and ease the burden on your loved ones. The following list provides common steps to consider when getting your affairs in order.
1. Plan for Your Estate and Finances
Depending on your situation, you may choose to prepare different types of legal documents to outline how your estate and finances will be handled in the future. Common documents include a will, durable power of attorney for finances, and a living trust.
• A will specifies how your estate — your property, money, and other assets — will be distributed and managed when you die. A will can also address care for children under age 18, adult dependents, and pets, as well as gifts and end-of-life arrangements, such as a funeral or memorial service and burial or cremation. If you do not have a will, your estate will be distributed according to the laws in your state.
• A durable power of attorney for finances names someone who will make financial decisions for you when you are unable to.
• A living trust names and instructs a person, called the trustee, to hold and distribute property and funds
“If you do not have a will, your estate will be distributed according to the laws in your state.”
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SENIOR PLANNING GUIDE
Preparing for Life After 65
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