Financial and Care Planning for Seniors

Especially if you are an older adult, you should have a will or trust drawn up as well as a power-of-attorney and an advanced directive.   The difference between a will and a trust is a will is a legal document that goes into effect after the person dies while a trust goes into effect as soon as it is created.  The trustor (the creator of that trust) can name others to be in charge of the trust when she or he becomes incapacitated or dies.

A living will, also known as a Health Care Directive, is a legal document in which a person specifies what actions should be taken for their health care if they are no longer able to make decisions for themselves because of illness or incapacity.  The person named as the health care authority has the power to make medical decisions and sees to it that the wishes of the person is carried out. 

Another legal document many seniors find is a good idea to have is a Durable Power Of Attorney (DPOA).  The document is used if the person (the principal) ever becomes mentally incapacitated and covers both financial and medical decisions.   The attorney-in-fact or agent in effect becomes a legal guardian for the disabled principal.

These types of documents should be drawn up before a person becomes incapacitated.  If someone has a diminished capacity due to Alzheimer’s or another medical condition and needs someone to handle their medical and financial decisions, a person can pursue a legal Guardianship status for them.  Legal guardianship is granted by the courts and typically continues throughout the remainder of the person’s life.  Please refer to your financial consultant or attorney for more information. 

The unique mission statement of MorningStar at Golden Ridge, “to honor, to serve, to invest,” sets us apart from other senior living communities.  Our foundation is built upon honoring God, valuing all seniors, and investing in staff with a felt calling to serve.  Dedicated to creating a real home for residents within a beautiful setting, we encourage you to see for yourself the finest senior living in Peoria, AZ.