As you prepare your estate plan, inheritances, wills and trusts are minor components of the overall plan. Often people forget about another essential aspect of estate planning involving your healthcare.
Unfortunately, as some adults age, they can no longer live independently. If you worry about your independence or want to cover all of your bases, you should include a long-term care facility in case you become incapacitated and cannot choose your facility yourself.
Discuss your ideas with family and friends
Start with having a conversation with your loved ones. Let them know that you have a preference for what happens with your healthcare. You may even appoint one person to take charge of your healthcare decisions if something happens to you. Let your loved ones help you look through different options and clarify your wishes if you cannot make the decision for yourself.
Research various long-term care facilities
It can be difficult to find long-term care facilities when you may not know what your future holds. You may never need the facility or have different needs later in life. When choosing a long-term care facility, concoct a list of facilities that align with your belief system. Choose healthcare facilities that will honor your values, including any religious beliefs. Find out how you can pay for the various facilities so that your family does not have to worry about how to pay the bills. For example, if you have Medicare or Medicaid, ensure that the facility accepts your insurance.
When you include your preferences for care in your estate plan, your family will experience less stress as they try to decipher what you wanted.