Estate planning plays an important role in ensuring that children and future generations are cared for after the death of a loved one. Although this is not always an easy subject to broach, careful advance planning can save much trouble and heartache for bereaved family members. Knowing these necessary matters have been attended to can also provide a measure of peace to older adults who care about what they leave behind.
Important estate planning documents
Some vital estate planning documents include:
- Will and testament: A will describes in detail how the individual who’s the subject of the will, also referred to as the testator, wants their property to be distributed after death. Having a legally valid will in place can prevent much confusion and discord within a family after a person passes away.
- Financial durable power of attorney: A durable power of attorney empowers a specified individual to act on behalf of a person in case he or she becomes physically or mentally incapacitated. There are different kinds of DPAs. For example, a financial DPA empowers the representative to manage the incapacitated person’s bank accounts and other assets, as long as it’s done responsibly and in the person’s best interests.
- Medical durable power of attorney: Another type of DPA empowers a specified person to act as the health care agent for an incapacitated individual. The health care agent is responsible for making several important decisions on the incapacitated person’s behalf, such as what kind of medical treatments to accept, whether to prolong life if there’s no reasonable possibility of recovery, and whether to accept artificial nutrition and hydration for an unconscious patient.
Living options at Ovation Sienna Hills
Part of estate planning may include deciding to downsize or move to a maintenance-free living arrangement. If you or a loved one are in the market for worry-free, high-end luxury apartment living, consider Ovation Sienna Hills. We offer both independent and assisted living options, as well as memory care services. Contact us today for more information or take our virtual tour any time.