Seniors, even those with health and wealth, are considered relatively vulnerable because of the daily challenges they face. Social Isolation, health conditions, mobility limitations and elder abuse are among the challenges requiring support, says the U.S. Census Bureau. A recent article, “Seniors Get Advice on Planning for the Future,” from The Cape Cod Chronicle explains how estate planning can make life easier for seniors.
Preparing legal documents to help your family members take care of you and your estate is one of the key parts of estate planning. Whether you have $500 or $5 million, everyone needs to have five estate planning documents in place.
Seniors should have a durable power of attorney, a healthcare proxy, a HIPAA release, an advance directive and a last will and testament.
The Durable POA is the document where you appoint a person to make legal and financial decisions for you if you can’t. Having a POA prevents the need for your spouse or family from having to go to court and petition for a conservatorship if you become incapacitated. Tip from the estate planning attorney: always name a primary and an alternate agent in case one is unable or unwilling to serve.
The healthcare proxy or healthcare POA is like the financial POA; it allows you to name a person to make medical decisions for you and be involved in your health care. A hospital or doctor may have a standard healthcare POA. However, be cautious about using a standardized document. Your estate planning attorney will draft a POA to match your wishes, which are not likely to be covered by a simple form. Healthcare decisions are not one-size-fits-all, and documents should be customized to your wishes.
The HIPAA release is necessary to allow an agent to access protected healthcare information. They will be able to handle health insurance bills and medical records. Tip from the estate attorney: Make sure your designated agents know where you keep all these documents, so they can have easy access during a healthcare emergency.
The advance directive, sometimes known as a living will, details the decisions you would want to be made if you can’t communicate. Do you want to be kept alive through artificial means? What about a feeding tube? Families who are left to guess what their loved ones want are often plunged into terrible emotional stress. Having an advance directive tells your family what you want. It’s a tough thing to consider. However, consider it a gift to loved ones.
Seniors also need to plan for housing options. While most people want to remain in their homes forever, others understand there comes a time when maintaining a home is too difficult and senior living housing will be easier and offer more socializing opportunities. Independent living, assisted living, memory care and skilled nursing facilities are available in most communities.
At any age, having an estate plan and being prepared for any of life’s unexpected events will make for a better future. Meeting with an experienced estate planning attorney in your community is the first step.
Reference: The Cape Cod Chronicle (April 10, 2025) “Seniors Get Advice On Planning For The Future”