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Including aging-in-place provisions in your estate plan

On Behalf of | May 29, 2023 | Estate Planning | 0 comments

When creating an estate plan in Pennsylvania, it is essential to consider provisions that address your long-term care needs and preferences.

Understanding aging in place

Aging in place refers to the desire and ability to live independently and comfortably in one’s own home as one ages. It may involve making modifications to the living environment, ensuring access to necessary care and support services and planning for potential healthcare needs.

Preserving independence

Including aging-in-place provisions in your estate plan allows you to express your desire to maintain as much independence and autonomy as possible. It emphasizes your preference to remain in your home rather than relocate to a nursing home or assisted living facility.

Tailoring care and support services

You can outline specific care and support services you may require as you age. This can include home healthcare services to assist with daily activities and to help provide access to medical and social resources.

Financial considerations

The financial aspects of long-term care may involve allocating funds for home modifications, budgeting for ongoing care expenses and exploring long-term care insurance options now to help cover in-home care services.

Healthcare Surrogate and Financial Power of Attorney

You should designate trusted individuals as your healthcare surrogate and financial power of attorney. These individuals can make healthcare and financial decisions on your behalf if you become unable to do so yourself. It is crucial to select someone who understands and respects your desire to age in place.

Reviewing and updating your plan

As your circumstances and needs may change over time, it is important to review and update your estate plan regularly. This includes evaluating and revising your aging-in-place provision to reflect any changes in your health, lifestyle or long-term care preferences.

Consulting with a professional experienced in estate planning can help ensure that your aging-in-place provisions align with your specific needs and goals, providing you with peace of mind for the future.