Who can make decisions if Mom or Dad no longer can?
It’s best to answer that question before anything happens. Having the right legal documents in place can give Indiana seniors more control over their health care, finances, property, and legacy while making difficult situations easier for the people they trust.
The Indianapolis elder law attorneys at Dillman & Owen Estate and Elder Law help seniors and their families create plans that address both today's needs and the changes that may come later.
What Legal Documents Should Indiana Seniors Have?
There is no single document that handles every situation. A comprehensive plan often includes several documents that work together.
Durable Power of Attorney
A durable power of attorney allows you to appoint someone, often called an agent or attorney-in-fact, to handle certain financial and legal matters on your behalf.
Depending on how the document is written, your agent may be able to:
- Pay bills and manage bank accounts
- Handle real estate matters
- Deal with insurance or government benefits
- Manage investments
- Sign certain legal or financial documents
Indiana law provides for powers of attorney under Indiana Code Article 30-5.
Choosing the right agent matters. This person may eventually have substantial authority over your finances, so the decision should be made carefully.
Health Care Representative Appointment
Financial authority does not automatically give someone authority to make medical decisions.
Indiana seniors can designate a trusted person to serve as a health care representative and make health care decisions when necessary. This can be especially important if an illness, injury, dementia, or another condition leaves you unable to communicate your wishes.
The person you select should understand your values and be willing to advocate for the care you want.
Living Will and Advance Directives
A living will allows you to document certain wishes concerning medical treatment if you are unable to make decisions yourself.
Indiana's advance directive laws provide a framework for communicating health care preferences and appointing people to act on your behalf. Having these decisions documented can reduce uncertainty for family members who might otherwise be forced to make difficult choices without knowing what you wanted.
Last Will and Testament
A will explains how you want property in your estate distributed after your death.
Without a valid will, Indiana's intestacy laws determine who inherits probate assets. That result may be very different from what you would have chosen.
A will can also name the person you want to administer your estate and address other important family considerations.
Do Seniors Need a Revocable Living Trust?
Not everyone needs a trust, but it can be an important part of some estate plans.
A revocable living trust allows assets placed into the trust to be managed according to instructions you establish. You can generally remain in control while you are capable and designate someone else to step in if necessary.
After your death, properly funded trust assets may also pass to beneficiaries without going through the traditional probate process.
Whether a trust makes sense depends on your assets, family circumstances, goals, and broader estate plan. Simply creating a trust without properly coordinating your property and beneficiary designations may not accomplish what you intended.
What About Long-Term Care and Medicaid Planning?
For many seniors, estate planning is only part of the picture.
A serious illness or long-term care need can raise questions about paying for nursing home care, protecting a spouse, preserving assets, and qualifying for Medicaid.
That is why elder law planning may also involve reviewing existing assets, insurance, beneficiary designations, trusts, and other documents before a crisis occurs.
The goal is to make sure the different pieces of your plan work together.
When Should You Update Your Legal Documents?
Creating these documents is not necessarily a one-time event. Consider reviewing them after major changes such as:
- The death or incapacity of a spouse or chosen agent
- Divorce or remarriage
- A significant health diagnosis
- Major changes in finances or property
- The birth or death of a family member
- A move to Indiana from another state
Even without a major change, periodically reviewing your plan can help ensure that it still reflects your wishes.
Plan Ahead With an Indianapolis Estate Planning and Elder Law Attorney
The right legal documents can give you a voice even when you cannot speak for yourself. They can also give your family clear instructions when they need them most.
Dillman & Owen Estate and Elder Law helps seniors and families throughout Indianapolis and Central Indiana prepare for estate planning, health care decisions, long-term care, and the other legal issues that often come with aging.
If your documents are outdated, incomplete, or simply nonexistent, now is a good time to start the conversation. Contact our Indianapolis elder law attorneys to create a plan designed around your wishes, your family, and your future.
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