Estate Planning: The Importance of Making End-of-Life and Long-Term Care Arrangements
As one grows older, the process of estate planning becomes more and more important. Putting one’s affairs in order and making all the necessary arrangements regarding a variety of important matters should become a priority.
Estate planning isn’t just about deciding how you’d want your properties and assets handled after passing on. It also entails making decisions regarding end-of-life and long-term care. Aside from finalizing how you’d want your personal property, real estate, investments, and other assets handled, estate planning also allows you to make crucial decisions that can help protect you and your interests.
The National Center on Elder Abuse reports that there are a significant number of elderly individuals that fall victim to abuse. Tragically, approximately 90 percent of all the cases they were made aware of named a family member as the party responsible for the abuse. In most of these cases, the type of abuse the elderly experience is financial exploitation. Unfortunately, there have been plenty of times when the vulnerability of the elderly is exploited for financial gain. The fact that this can be done by those closest to the victim is even more heartbreaking and leaves a strong case as to why elderly individuals should take a more proactive role in arranging their affairs. Financial abuse and other cases of neglect can be easily prevented through proper end-of-life and long-term care planning.
Fortunately, there are numerous opportunities that allow for such active participation. According to the website of the Chicago elder law attorneys at Peck Ritchey, LLC, estate planning is a necessary step to ensuring that you will be properly protected and taken care of even when you’re at your most vulnerable.