Life is full of transitions and the actions taken to prepare for such transitions. Parents spend time and money preparing for the transition of a child from infant to a toddler. We winterize our cars and our homes; preparing for the changes in seasons. And as our kids grow older and leave the nest, we transition from full-time parents into “empty nesters.” There are other transitions; inevitable ones which we often do not spend nearly enough time preparing for. This and the following two blog posts will address some of these transitions and provide, if nothing else, some good conversation starters for you and your loved ones.
This blog will address the transition of relevant information to allow for the proper care of your person and assets.
The second blog will address the transition from a single family/individual residential setting to a continuing care retirement community or other form of assisted living arrangement; whether facility based or with family.
The final blog in this series will address preparation for your final transition and the preparation of your loved ones to comply with your wishes.
Insofar as the transition of your relevant information, this is particularly important if you should experience a period of illness or disability resulting in your inability to manage your own personal financial affairs. Thereafter, upon your death, the proper transition of information can facilitate the administration of your estate, minimize delays and help avoid the potential for lost assets.
The methodology can vary from person to person and practitioner to practitioner, but many utilize a document called a “letter of instruction.” These are forms you can complete to facilitate this process, the goal being the creation of a blueprint for your loved ones to direct them to the most salient information. This will assist them in the prudent management of any medical issues and implementation of appropriate treatment plans, the orderly management of your assets and the proper payment of your liabilities.