Your retirement years can be a chance to pursue lifelong goals and enjoy unrestricted time with your loved ones. However, it is a good idea to take care of some key retirement planning items ahead of time.
Good retirement planning practices can include researching nursing homes ahead of time, drafting an advance medical care directive, and granting durable power of attorney to a loved one. A durable power of attorney provides your chosen representative with the authority to make important decisions regarding your healthcare and your estate, even if you become incapacitated.
Preparing for medical emergencies
It is an unfortunate reality that as you approach retirement age, you become more likely to suffer an illness that might render you unable to voice your wishes regarding healthcare. A written medical directive can provide healthcare instructions for certain situations, but it is also prudent to name a trusted representative that can flexibly make decisions on your behalf.
Safeguarding your finances
Your attorney-in-fact has the authority to handle your finances and make decisions regarding your estate. This includes managing your bank accounts, filing tax returns and even buying or selling property. Granting this authority ensures that your affairs will be in order if you suffer from a life-threatening illness, but it can also be a boon if an otherwise mild injury or condition makes it difficult to complete such tasks yourself.
Granting durable power of attorney early in life is a great way to prepare for the unexpected, and you are free to revoke the authority whenever you wish. You can also consult with your legal team to decide if you prefer to have power of attorney take effect immediately or only in the event of your incapacitation.
