Legal and estate planning tips
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Hey there, time traveller!
This article was published 15/02/2024 (679 days ago), so information in it may no longer be current.
Moving to a retirement home is a significant life change, and legal and estate planning must be given careful consideration. Here are eight points to consider:
• Review documents: Update legal documents such as your will, power of attorney and health-care directives to reflect your current wishes.
• Understand contracts: Review your retirement home contract with a lawyer to understand your rights, fees and restrictions.
• Evaluate your finances: Assess your finances to balance retirement home expenses. Consult with a financial adviser for long-term funding options.
• Manage your assets: Plan for the future of your property and assets, aligning decisions with your overall estate plan.
• Plan health care and taxes: Adjust your health-care plan, considering potential tax implications and seeking professional advice.
• Leave a legacy: Discuss inheritance wishes with a lawyer, considering the move’s impact on asset distribution.
• Communicate with your family: Communicate openly with your family about your decisions, ensuring a shared understanding of your plans.
• Get professional help: Hire a legal professional, financial adviser or tax professional for personalized advice on navigating the legal and financial complexities related to the move.
Proactively addressing these issues ensures a smooth transition to a retirement home, safeguarding your interests and providing peace of mind for you and your loved ones.
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