Sometimes in life, it feels like we do a lot of planning. Planning to go on a vacation, planning what we’ll do on the weekend, planning what our life will look like once we’re retired and have all the time in the world to do what we want. Planning for enjoyable things is, well, enjoyable! However, we can easily neglect the not-so-great things we should be planning for: getting older, falling ill, becoming disabled. It’s not fun to think about, so it’s easy to push these plans to the side and focus on more positive things. However, it’s planning for the not-fun things that can make a huge difference if an emergency strikes.
“A good plan for the future relies on two things: hoping for the best and preparing for the worst,” says Cindy Wirth, Executive Director of Bridges® by EPOCH at Sudbury, a memory care assisted living community in Sudbury, MA. By putting together plans for what to do if emergencies or disasters do happen, you can avoid scrambling and gain peace of mind. And while things like who will take care of me if I need help? and Where will I live? are good questions to ask, Cindy also notes that putting your financial affairs in order can help lay the foundation for success.
“Much of this future planning, frankly, depends on financials,” she says. “Care can be costly, medication can be expensive and figuring out big life changes like moving to a memory care community all depend on cold, hard cash.” Making sure your financials are in order, says Cindy, is one of the best gifts you can give yourself and your immediate family members.
“When your family knows where your paperwork and information about financials are and what to do if something were to occur to you, it helps avoid uncertainty and anxiety about decision-making,” she says. “Preparing for the uncertainties of the future, and making arrangements and decisions before they’re needed can simplify your life and allow you to plan for any changes that may happen in your life.”
Planning for the Future: The First Step
Before you start listing out what will go to whom and where things should go in the event of this or that happening, the first step you should take is gathering as much information as possible about your savings, investments and other streams of revenue. Then, find a safe place to put the information – or several places (it never hurts to store copies in several locations, just in case). A trusted family member, friend or hired professional (such as a lawyer) should know where all these documents and records are kept, so that they can easily access them in the event of an emergency. While everyone’s exact situation will be different, here is a list that can help you figure out what financial information to put together:
Personal Records
You’ll need to make sure that certain legal information is available for easy access, as it can often be required for financial matters. Create a file of information such as:
- Social security card or number
- Your full legal name
- Your legal residence
- Names and addresses of spouse and children
- Date and place of birth
- Employers and dates of employment
- Names and phone numbers of religious contacts
- List of regularly taken medications
- Location of legal documents such as a living will
- Location of birth and death certificates and certificates of marriage, divorce, citizenship and adoption
- Names and phone numbers of close friends, relatives, doctors, lawyers and financial advisors
Financial Records
Once your personal information is in place, create a file of financial records that will help your designated representative or close family members access the information needed to make sure your quality of life is taken care of. Here is a list of the most-used information, although you may wish to consult with a legal professional to see what might be required in your situation:
- Names of banks and account numbers for the assets you have with them
- Lists of investment income (property, stocks, bonds) and any contact information for stockbrokers
- Assets and income sources (such as pensions, 401Ks, IRAs, etc.)
- Insurance information with policy numbers and agents’ contact information
- Recent income tax copies
- Information about debts such as mortgages, lines of credit, etc.
- Location of your most current, valid will
- What liabilities you owe and to whom (such as property tax)
- Location of original home deed
- Credit and debit card information
- Car title and registration
- Location of safe deposit box and key
Planning for the Future: Creating Your Plan
Review your documentation yearly. Once you’ve created a file of your information, be sure to look through it at least once per year to make sure all the information is correct and up to date.
Designate a place to put all important information and documents. You can put everything in a particular desk drawer, a safe deposit box or a file in your office – whatever works for you. Be sure to make a copy or two of the information and store them elsewhere in your home.
Choose a trusted family member or friend to inform of the location of your important papers. This person should be the go-to in the event of an emergency, so choose someone close to you. You can also select a legal representative as an impartial third party.
Put together powers of attorney and give permission for your representative to discuss your situation. By putting together a living will or powers of attorney, you can give trusted friends or family members permission to speak on your behalf to doctors, lawyers and other professionals. You may also wish to discuss with your doctor and other professionals your wishes for end-of-life decisions and other life-changing situations.
When in doubt, ask for help. Preparing for the future can be overwhelming. Don’t be afraid to ask for help! Ask your lawyer, doctor and other professionals what you should be thinking about and what tips they may have.
Engaging Lifestyle.
Now open! Bridges® by EPOCH at Sudbury provides exceptional memory care in a comfortable, upbeat and engaging environment. Designed specifically to support people with Alzheimer’s disease and other forms of dementia, Bridges® by EPOCH creates a wellness-focused lifestyle that respects individual preferences. Our teams receive ongoing, specialized training so they may help residents to safely exercise their independence and individuality in a secure, calm environment.
Dedicated Memory Care
We provide complete peace of mind for families and residents experiencing early-, mid- or late-stage memory loss. Our expert dementia care, Personalized Services and personalized programs are tailored to meet the physical, cognitive and emotional needs of each resident wherever they are on their journey, allowing them to age in place safely, comfortably and with respect.
Welcoming, Purpose-Built Design
Bridges® by EPOCH at Sudbury is more than a safe, beautiful place to live; it’s truly a home, where compassionate, dementia-educated caregivers help people with memory loss live more joyful lives and where families enjoy spending time together again. Our research-based design features soft lighting and colors, non-glare flooring, directional cues, aromatherapy and interactive life-enrichment stations that empower residents to comfortably move about their homes with confidence.
Contact us today to learn more.