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Personal Finance for Seniors – Elder Care: Legalities and costs

Taking care of an elderly parent or relative is a big responsibly task. There are many legal documents and formalities that must be considered. Below is a short list of the major document types, and a breif overview of each.

Remember that when someone completes these documents then they are actually giving up some control of their own lives in your hands. These powers should be given only to a very close friend or family member with no conflicting motives.

Important legal documents for elder care:

Some of the important legal documents that you may require while taking the responsibility of elder care are:

Letter of instruction: A letter of instruction is essential as it provides the important information and instructions for a caretaker. It must include:

- Contact information for close family and friends

- A list of assets and liabilities

- A list of insurance policies and information on all financial accounts

Living will: A living will refers to a clear statement wherein the elderly person expresses his/ her wishes regarding artificial life support. For example, if a person’s brain is non-functional yet the body remains alive only with the help of a life support then a living will instruct the attendants about the choice to make – whether to keep the artificial machines functioning or turn them off.

Will: Elderly persons must have a will prepared. A will is a legal document stating who will receive the major assets after the death of a person. It also includes the guardianship of any children, if under the age of 18.

Here are some of the few questions that will help you decide and choose the right insurance provider:

- What level of care and coverage does the policy provide?

- Who determines whether the patient requires home health or nursing home care- How are the benefits paid?

- What is the waiting period?

- Does it cover diseases like Alzheimer and other similar disorders?

To learn more about your financial options, subscribe to the “Financial Fitness for Seniors” newsletter and receive a free and instant http://www.thelifesettlementnetwork.com“>Life Insurance Settlement estimate – contact chrisc@thelifesettlementnetwork.com or visit http://www.thelifesettlementnetwork.com.

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Tags: Elder Care