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Prepare Now To Help Your Kids Later

Written by Rod Palmer

Most people like to live in the comfort zone of life because, well, it’s easy. Planning for your silver years and death is definitely not in the comfort category of life. Nobody looks forward to having to make plans for their last season, but if you don’t plan, your children and family may be left without any inheritance or belongings of yours, which can cause them more grief than they already are experiencing. There are some things that you can do to make the end of your life much more manageable for your children. In this blog, we will go over a few steps that can save your home, property, and belongings from being taken by the state.


Life Estate

In common and statutory law a life estate is the ownership of a piece of land for the duration of a person’s life. In other words, it is ownership of land that ends at death when ownership of the property is then transferred or passed to another person. To make sure that your life estate is transferred to the person of your choice when you pass you must sign a life estate agreement stating this. You will still own the property until you pass, once you pass there will be no death tax because ownership was properly transferred with this life estate. If the senior goes into a Medicaid/Medicare nursing home and does not have a life estate, the state can take ownership of the property to pay for the care of the senior. Making sure you have a life estate in order will make sure you can leave your children the inheritance you want.

Power of Attorney

Wikipedia defines power of attorney as, “a written authorization to represent or act on another’s behalf in private affairs, business, or some other legal matter. The person authorizing the other to act is the principal, grantor, or donor (of the power). The one authorized to act is the agent, attorney, or in some common law jurisdictions, the attorney-in-fact.” A general power of attorney gives extensive powers to a person to act on your behalf. Some of the powers include things such as employing professional help, making business decisions, buying life insurance, or handling financial decisions. For seniors, this typically looks like a friend or family member being able to legally check them into a hospital or handle other affairs when they are no longer able to do so. They can also be given access to bank accounts to manage your money when you can’t anymore. Make sure that the person you choose to handle this responsibility is someone you can trust to have your best interest in mind. 


Last Will and Testament

A will is a legal document that conveys the person’s last wishes regarding their assets and dependents. The will explains what to do with assets like property, possessions, money, etc. You may want them divided up among family members or donated to a charity of your choice. If the person who has passed still has dependents, the will would also state who would care for them. Ensuring that you plan and meet with an attorney or use another way to draft your will before you pass makes it much easier on family members to know what you wanted to do with your earthly possessions.

Preplanning Funeral and Burial

Setting aside money to take care of any large expected expense is a smart thing to do, and a funeral is no different. The key is to understand how pre-paid funeral plans work.

More and more people are pre-planning their funerals to save loved ones the stress of having to do it during such an emotional time. Making your own funeral arrangements can also save your family money since you can prepay for some services and many places now offer pre-paid funeral plans where you can lock in the prices of products and services you would like to use and even begin paying for them if you wish. Read more about these options at funeralocity.com.

Key Takeaway

These simple, yet uncomfortable steps can save your children the difficulty of having to handle these tasks during the very emotional time after your passing. When your family or friends are making these choices for you in a sad state of mind they may not always make the choices you wanted. Planning ahead for the end of your life is never enjoyable but do what is best for you and your family and plan for the future.

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Dwell at Home is not a licensed medical professional and all information provided is provided “as is” with no warranties. You should consult a licensed physician for any questions related to your health.  Dwell at Home makes no guarantee about any application or third-party website mentioned in any article on this website.