Looking ahead, you may consider forming an estate plan to help manage your assets before and after your death. Fidelity Investments recommends creating an estate plan depending on the size of your estate, the number of your assets and if you have a family.
An aspect of estate planning is including information about aging in place. This is so that you can live in your own homes safely, independently and comfortably if the need arises. Including such provisions in an estate plan can offer clarity and comfort to oneself and one’s family about future living arrangements.
Incorporating aging in place into your plan
Aging in place involves making plans for long-term care, which can impact the financial aspects of an estate plan. This may involve setting aside funds for potential home modifications to accommodate mobility needs or funds for in-home care services. Addressing these issues within an estate plan can help provide peace of mind.
Effects on asset distribution
When planning for aging in place, it’s also necessary to consider how this may affect the distribution of assets after death. Funds allocated towards aging in place might decrease the overall estate’s value passed on to beneficiaries. Therefore, understanding the potential financial implications and communicating them clearly within the estate plan can help manage beneficiaries’ expectations.
Inclusion of aging in place in an estate plan goes beyond just asset distribution. It encompasses details of how one envisions their living conditions in their twilight years, providing for personal care and comfort. This will ensure you have the resources you need to live independently and comfortably in your own home for as long as possible.
