Eldercare isn't something most adult children are prepared to handle alone. They often need the help of a qualified professional to ensure an aging loved one receives the medical and financial care they deserve. But as family members age, potential caregivers can prepare by taking three actions today:
1. Meet with a qualified estate planning attorney. Engage the services of an attorney to create estate planning documents. If documentation is already in place, schedule a time to review the plan. Finances and personal situations often change, so an annual review ensures your plan stays updated.
2. Gather critical documents. Maintaining up-to-date medical and financial documentation and keeping it in a secure location could prevent unauthorized changes from harming your loved one. When you're familiar with these records, it's also easier to spot and correct inaccurate information.
Examples of Medical Documentation
- Physician names, addresses, and phone numbers, including the medical specialty of each one
- Medications, including the purpose of each and pharmacy location and phone number
- Medical diagnoses, including all surgeries and dates of past medical procedures
- Living will
- Health Care Power of Attorney
Examples of Financial Documentation
- Bank account information
- Life insurance policies
- Long-term care insurance policy
- Safety deposit box information, including the location of the keys
- Financial Power of Attorney
While this information must be kept in a secure location, it must still be easily recognizable and accessible when needed.
3. Ask the hard questions.
Adults of all ages find it difficult to have conversations that require them to face their mortality. But, asking tough questions is necessary to ensure your loved one has the opportunity to express wishes for physical care as they get older. You might ask:
- Would you consider moving into a continuing care facility should the time come?
- Do you prefer to remain in your home with 24-hour live-in care?
- What are your end-of-life wishes?
Don't wait another day to prepare for the long-term care of the senior in your life. We understand you might have questions of your own. Simmons Bank offers Wealth Management and Trust Services to help safeguard your family's financial legacy. Visit a branch location or call us at 866-246-2400 today for more information!
Simmons Wealth Management is a marketing name used by the trust department of Simmons Bank.
Investment and Insurance products are: Not a Deposit | Not FDIC Insured | Not Insured by Any Federal Government Agency | Not Bank Guaranteed | May Lose Value.