Important documents for successful aging in place

Most of us think of estate planning as deciding what happens after we're gone. But if we plan to stay in our own homes, another question matters: who can step in for me while I'm still here?

A will covers what happens to your property after death. It doesn't appoint anyone to pay your bills, talk with your doctors, or keep your household running if illness or injury leaves you unable to, even for a short time. Three documents fill that gap:

• Durable financial power of attorney. Names someone you trust to pay bills, manage bank accounts, work with insurers, and handle matters involving your home. It remains effective during incapacity. Without one, your family may have to ask a court to appoint someone.
• Healthcare power of attorney. Names the person who makes medical decisions when you're unable to make health care decisions. You choose that person in advance rather than leaving it to chance or family disagreement.
• Living will (advance directive). Records your wishes about life-sustaining procedures if you have a terminal condition or are permanently unconscious.

Picture a short hospital stay that turns into weeks of rehab. With these documents in place, someone you've chosen can pay the mortgage and property taxes, coordinate your care, and help get the house ready for your return. Without such documents, your family may need to seek guardianship or conservatorship through the courts, adding time, expense, and stress to an already hard situation.

Choosing the right people matters as much as signing the papers. Discuss your wishes with those you name and name a backup. Give your agents copies of the documents and your health care providers copies of the medical documents. Make sure your agents know where to find the originals.

Together, a will and these documents help ensure decisions reflect your wishes and are handled by people you trust. If your plan stopped at a will, or your documents were signed years ago, now is a good time to take another look.

By Keyan McAreavy, BrownWinick Law (a TRAIL corporate sponsor)