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3 essential components of planning for incapacity

Nobody wants to think about aging and losing their health, but it is far better to plan for such circumstances than it is to neglect their eventual probability. According to the Family Caregiver Alliance, there is a 68 percent likelihood that adults age 65 and older will become mentally impaired or disabled in two or more daily tasks. You can mitigate the consequences of such events by effectively preparing in the following ways.

Establish your will or living trust

One of the most important ways to prepare for aging or incapacity is to establish your will, estate or living trust. You should determine which best suits your needs and collaborate with a legal counselor to draft a document which protects your interests and assets. Even if you do not feel that you have extensive assets, this will prevent complications later.

Ensure documentation of your health care wishes

In addition to a will or trust, a health care directive is one of the most important components of planning for your future as you age. You should include details indicating your preferred treatments, restricted treatments and whether or not you should be resuscitated in the event of a medical emergency. Without putting these orders in writing, your health care could later be out of your hands.

Invest in long-term care insurance

Another wise consideration to make is whether you will stay at home, receive care from a loved one or reside in a long-term care facility. All of these are valid options, but one is markedly more expensive than the others. Even if you do not plan to live in a residential center, investing in insurance to cover the costs can save you from the hefty financial impact it could have.

Preparing for changes as you age is responsible and wise, and it is also beneficial to enlist help from a lawyer. Contact an attorney for help with these or any other legal concerns you may have.

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