Much of the population is living longer than ever before. This is wonderful! However, with this statistic comes not so wonderful news too. There is a higher probability that the majority of us will get to the point where we can no longer care for ourselves. Our capacity to manage our assets, finances, and health may diminish. Knowing and preparing for old age is essential. By planning in advance, you will get to make the decisions while you’re still able to.

Preparing for old age is critical. As discussed in Forbes, our capacity to make important decisions as we age often becomes increasingly difficult. Yet there are several items you should have in place long before you actually need them. By designating people you trust and provisions you are comfortable with, you can age with the knowledge that things will be taken care of in the way you want.

Important documents to have in place are estate planning documents and perhaps a Trust.  Revocable living trusts have many benefits. You can be the sole trustee if you are able to and you could designate a successor trustee to step in and act on your behalf. In a trust, you can give any number of directions to be followed. For example, you can state that you want to stay at home for as long as possible.

You should also consider powers of attorney. This would be someone you trust or a Licensed Fiduciary like Arizona Elder Care who could manage financial aspects of your life such as your bank account, credit card bills or paying rent. It can even be as simple as someone who can contact a someone to fix your water heater if you are unable to.

Lastly, your medical directive and your Medical Power of Attorney are important things to have as we age. It is not just important for end of life care. It is necessary if you are incapacitated and you are unable to state your wishes regarding your health. This allows someone to medically advocate for you so that you don’t get lost in the health care system.

This probably sounds  overwhelming, but it doesn’t have to be. Consulting with a Licensed Fiduciary and an Attorney, which we can recommend, are the first steps to preparing for what may come as you age. These things will help you make sure your wants and needs are fulfilled, even if you can’t articulate them.

Photo Credit: South Tees Hospital, NHS Foundation Trust