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Estate Planning Checklist: Everything You Need to Know

You’ve planned for your retirement and your senior care. Now, what’s your plan for your estate?

Many people hear the word “estate planning ” and envision Downton Abbey-esque buildings, grounds and wealth, and therefore immediately dismiss it as “not for them.” I have a will or trust in place, you may think. I’m not incredibly wealthy, so why would I need to do anything else?

Having a will is a very important part of your future plans. A will gives you the ability to choose your heirs, distribute your estate, appoint guardianship and distribute your belongings the way you see fit. However, a will is only one document. In a comprehensive estate plan, a will and/or trust will be one part of the documents and decisions you will make.

“The truth of the matter is that all of us will benefit from putting an estate plan in place, no matter how large or small your estate is,” says Chrissy Ross, Executive Director of Bridges® by EPOCH at Mashpee“Estate planning gives you peace of mind that your assets will be distributed the way you wish, avoiding the complication of probate court. A good estate plan will also include the needed documents that give your family powers of attorney to carry out your wishes in the event that you’re unable to do so.”

What needs to be included in your estate plan will depend upon your specific situation and wishes. However, there are six things that all estate plans should have. These are: a will and any trusts; power of attorney; beneficiary designations; a letter of intent; advance directives; and guardianship designations. Add all these pieces up, and it equals peace of mind for you and your family.

1. Wills and Trusts

A written and witnessed will should be the foundation of any estate plan, as it allows you to distribute your property according to your wishes following your death. A trust, on the other hand, goes into effect as soon as it’s created and can be used to distribute property prior to your death. It is also useful to help limit legal challenges or estate taxes. It’s important to make sure any wills or trusts are written in a way that’s consistent with other aspects of your estate plan, such as naming different parties as beneficiaries to different assets, in order to avoid any legal contests.

2. Power of Attorney

A durable power of attorney (POA) is a document that designates a person or agent to act on your behalf (on a financial basis) if you are incapacitated or otherwise unable to make decisions. POAs can be revoked at a time of your choosing, such as if you become physically able again to care for yourself, or even upon death. In a marriage, spouses generally designate each other as powers of attorney. However, it is also not uncommon to have a trusted advisor, friend or other family member to have power of attorney in the event that you deem him or her more financially savvy or better able to make clear, logical decision on your behalf.

3. Advance Directives

An advance directive lists out how you wish medical decisions to be made if you are unable to do so for yourself. This allows you to get your care team and family members on the same page regarding your care, how much or what type you want and what measures should (or shouldn’t) be taken. There are two common types of advance directives: living wills and medical power of attorney. A living will lists your wishes and directives, but does not designate someone to act on your behalf. A medical power of attorney designates an individual to act on your behalf (making it different than a durable power of attorney in that it affects healthcare matters, not financial).

4. Beneficiary Designations

There are some parts of your estate that can be passed along to your heirs without it being stipulated in a will, such as a 401(K) or life insurance plan. This is done by designating a beneficiary for the account (and, in a perfect world, a contingent beneficiary). If a beneficiary isn’t named on these accounts, the court may end up making a decision on who gets your funds. You’ll wish to name beneficiaries on any accounts requiring it, and also making sure it’s noted as part of your estate plan.

5. Letter of Intent

A letter of intent is a written document that is left to a beneficiary or the executor of your estate. This letter should detail what your wishes are for particular assets following incapacitation or death. It’s a little different from a will in that it’s not a legal document per se, but it is a much more personal document. A letter of intent can include just about anything: PINs for your financial institutions, financial and digital passwords, how you want your funeral arranged, contact information for brokers and other advisors, instructions and care on pets, etc.

6. Guardianship Designations

Designating a guardian isn’t something that every individual will need to put in an estate plan. However, if you are caring for minor children or an adult child with disabilities, it’s important to choose a guardian who will be able to care for and make decisions on behalf of them.

A good estate plan is so much more than figuring out who will get what when you pass away. It encompasses everything that’s important to you, from making sure your family members are cared for, that you’re cared for and that your wishes are laid out in an easy-to-understand, clear and decisive way.

Peace of Mind for Cape Cod Seniors and Their Families

Bridges® by EPOCH at Mashpee provides assisted living memory care that is comfortable, positive, safe and engaging. Exclusively dedicated to caring for those with Alzheimer’s disease and other forms of dementia or memory impairment, we’ve created a wellness-focused lifestyle that promotes dignity and individual preferences. Our memory care professionals receive specialized and ongoing training designed to help residents maximize their independence in a secure, calm environment – making a truly positive impact on the lives of our residents each and every day.

Age in Place

While many memory care assisted living communities are unable to care for those whose memory loss has progressed, Bridges® by EPOCH at Mashpee can continue to provide a home and care no matter the stage. Our age in place philosophy helps residents avoid the stress often associated with moving to another community and offers peace of mind to their families. Perhaps the best benefit, your loved one remains in the care of those they’ve grown to know and trust.

Supportive, Engaging Services

At Bridges® by EPOCH at Mashpee, we offer a program of care and services that celebrates life and supports individual strengths. Our compassionate and engaging approach adapts to the unique challenges and individuality of each resident. No matter what stage of memory loss a resident may be experiencing, families can be sure their loved one will receive a full array of services and a high level of personalized attention.

Contact us today to learn more.

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