Estate Planning, Managing Assets, and Advance Directives

We are all living longer lives, but with longevity comes the complications of aging. Older adults today are facing significant threats from strokes to dementia. These conditions and many others are leaving our seniors without their voice and the opportunity to choose how they wish to live. A thoughtful estate plan gives us the opportunity to tell others how we would like to be cared for in the event that we can no longer make our own decisions.

What Is Estate Planning?

At a minimum, a good estate plan will consist of several different legal documents including a Will, Power of Attorney, and Advance Directive, but may also include a Trust. Estate planning is the act of putting your wishes on paper in a manner that the law will recognize and uphold.

Estate planning should never be solely about where your belongings go when you die, but should also include what happens to you if you have a stroke, Alzheimer’s, Parkinson’s disease, or an accident and you lose your ability to make reasoned decisions.

No one can predict when unexpected medical situations will happen. An advance directive helps loved ones, and medical personnel make important decisions during a crisis. Having an advance directive in place ensures that your wishes regarding your health care are carried out, even when you’re unable to make your wishes known.