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In preparing to care for ill members, families have to concern themselves with an overwhelming amount of confusing information, emotional issues and decisions ranging from nursing home care to protecting one's life assets. It's important to have the systems in place so appropriate decisions are made at the right time.
All families should have documents in place that allow the members to step in, in the event of an illness. These documents include durable powers of attorney, which authorize another person to handle business affairs if they are unable to themselves, and Medical Directives, which name someone to make healthcare decisions shouldl they become incapacitated. Both should be notarized.
They should transfer the assets of the estate from husband to wife and wife to husband. All property should be held in joint tenancy, so in the event of an unexpected death, the property would pass to the survivor without probate or other complications. Bank accounts and other items should be jointly held for the same reasons.
Everyone should have a simple living will. The document is not intended to transfer assets upon death, but to give insight to the elder's intentions regarding assets, without relying on the interpretation of the heirs.
For more information, consult with a professional GeriCareFinder Advisory Resource by clicking here.