Waiting Too Long to Plan Will Limit Your Options
Many individuals wait until something bad happens before they decide to plan for the future. Unfortunately, when it comes to making decisions about estate planning and elder care, waiting too long can severely limit your options.
There are many reasons why people procrastinate but here are 5 reasons why you should start your estate planning early:
You must be mentally competent in order to validly execute any legal document. The inability to sign documents can cause a number of problems. For example, court action may be required to gain access to your finances or health records if you become incapable of making financial or health related decisions yourself. These court proceedings are usually called an adult guardianship or conservatorship and are expensive, stressful, time consuming and can be invasive to your privacy. By having proper estate planning documents in place before an issue arises, you can ensure the people you trust will have access to information when it is most needed.
If you become unable to clearly communicate your end-of-life decisions, your loved ones will be left to speculate, each with his or her own opinion. Declaring your final wishes well in advance will minimize conflict and provide your loved ones with peace of mind, knowing they are carrying out your final wishes as you would have wanted.
Better Access to Financing Long-Term Care
If you wait too long, financial planning options for long-term care may no longer be available due to your health. For example, long-term care insurance may not be available if your physical or mental health has deteriorated. If you are able to address your long-term care planning before a crisis occurs, the lasting positive effects of having a solid plan in place will greatly outweigh the initial discomfort of addressing the issues.
Residential Living Preferences
Determine and review all the residential living options from home care to nursing homes while you are still able to provide input. Doing this research ahead of time will ensure that you fully understand your options and can tailor your decisions based on your personal wishes.
Avoid Family Conflict
Be proactive in helping to maintain family harmony. Detailed planning early on in your elder care journey will reduce stress, save money and help to maintain relationships between your loved ones.
We Can Help
Our experienced estate planning lawyers in Pittsburgh will help take the guesswork out of the process. We can help you start your eldercare journey by guiding you through the process. Call us today at Fingeret Law at 412-254-8533 or contact us online.