When people reach their fifties, they typically begin to consider estate planning. One of the main elements which needs to be taken into account during this planning, is the living will. It is a vital part that gives you and your family peace of mind for whatever circumstances may happen. The living will is not something that will be necessarily easy for yourself or your family, since it confronts you with your own mortality. However, it is essential in order to have your wishes carried out on your behalf and to have your care covered financially.
What is a Living Will?
If something should happen to you, it is essential that your relatives are informed about your wishes. This is what a living will is for; it displays your wishes regarding prolonging medical treatments. It informs your relatives, but also healthcare workers, if you are no longer capable of conveying your wishes.
A living will is usually supported by two physicians, declaring their support when you are suffering from a terminal illness or permanent vegetative state. It is also a document that can give someone power of attorney when you are no longer capable of making decisions about your current quality of life and medical treatments. This might be a difficult conversation with the person you will be entrusting this to, but again, it is essential to ensure the comfort and peace of mind for your family and loved ones. Even though it is a difficult thing to discuss, you must make sure that someone is aware of your living will. If nobody knows, it will be of no use when something happens to you. Once you write your living will, you need to ensure it is financially covered.
What is Long Term Care Insurance and the benefits?
Long Term Care Insurance will cover medical costs, and even home care, something most medical insurance plans do not cover. When you encounter serious medical costs at a point later in life, it might eat up your entire pension and even your savings. So why not prepare yourself for these types of scenarios? Make sure you are covered, but also make sure your family is protected by choosing a long term care insurance plan.
Role of Long term care insurance in estate planning
We cannot predict what will happen in our lives. We could become gravely ill and encounter serious medical costs. We could even be in need of a live-in health professional. Although these are things we do not like to think about, we want to be prepared if the worst does happen.
The long term care insurance helps to pay for assisted living, nursing facilities or even physiotherapy if you have been injured in a serious accident. It also covers illnesses such as Alzheimer’s. You won’t have to worry about paying for a care worker that will help you or a relative bath, dress and even eat. The long term care insurance plan will be there in your time of need and not take away the hard earned money that you have been saving for years. Including long term insurance in your living will, as a means of covering potential costs for you and your family in the future, is a key piece to the estate planning puzzle.
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