It’s Time To Move Into A Retirement Community

Despite all the information online about where a woman can choose to live when aging, we notice an essential topic for consideration isn’t being discussed – how to protect her and her legacy wishes wherever she decides to live.

Because of the plethora of available information on living choices, the focus of this article isn’t “where” a woman can choose to live. But when going through a transition, we know people become vulnerable. 

     We know women live longer than men. 

     We know they are, more often than not, the targets of crimes like financial elder abuse. 

Yet, we don’t see much online regarding real steps a woman can take to protect herself and her legacy wishes when moving to a new living environment. 

We hope these ideas will help women and their families feel more at ease when someone is transitioning from the family home to a new community, apartment, child’s house, or senior living community.

Practical Steps for Transitioning 

Inventory Your Assets
Before moving, take a comprehensive inventory of your assets. This will help manage your estate and ensure everything is accounted for during and after the transition.

Communicate Your Wishes

Ensure your family and any appointed legal representatives understand your wishes regarding your estate and care. Clear communication can prevent misunderstandings and disputes.

Simplify Finances

Consider consolidating accounts and simplifying your financial affairs. This can make managing your assets more accessible for you and your power of attorney.

Seek Support Services

Look into support services offered by senior living communities and other professionals like “Professional Fiduciaries” and “Senior Living Consultants.” A Senior Living Consultant educates seniors and their families on options to stay safely home or find the perfect senior living community without confusion. Colleen Kabeary of All4Seniors states, “A Senior Living Consultant can offer a comprehensive range of services tailored to meet the unique needs of our senior clients.”

Protecting Estate Plans from Fraud and/or Loss

Update the Trust or Will

As circumstances change, so should your estate plans. During the transition, meeting with an estate planning attorney to update a will or Trust to reflect current wishes is imperative. This can help avoid confusion and ensure your estate is handled according to your desires.

Secure Documentation

Ensure all critical documents are stored safely. In the past, that meant a fireproof safe in your home, a safe deposit box at a bank, or with a trusted attorney. Today, the best place to securely store important documents like Wills, Trusts, Power of Attorney, and Healthcare Directives is electronic.

However, not all online storage options are the same. 

Digital vault and storage options like Dropbox, Box, Carbonite, etc. provide convenience but also risk. The user needs to establish a login and password to access the documents. These need to be shared with beneficiaries or other trusted persons so that they can access the information in case the owner is not capable anymore. Additionally, If the password is lost or stolen, the digital vault cannot be accessed, and its usefulness is lost. If someone dies and hasn’t given her trustee their login and password or set them up with access, digital vaults are locked by default, and a court order is needed to access the information stored therein. Plus, what if one family member has a hard copy and another the electronic version—and they differ?

The current alternative to traditional storage facilities, digital vaults, and old-fashioned paper is the DARCi Registry, which helps to protect your legal documents, like your Trust. The DARCi Registry provides an authenticated, registered, and secure way to store your Trust documents so only you and your designated trust persons can access the information. It also avoids litigation and probate court when fraudulent amendments and changes surface, as all documents stored are version-controlled and trackable and offer an immutable record in court. (See DARCiRegistry.com for more information and register your Trust today.)

Use a Revocable Trust

Unlike a will, a Trust does not go through probate, which can be a lengthy and public process. A Trust can provide more immediate control over your assets upon death or incapacitation and can help protect your estate from fraud and undue influence. 

Monitor Financial Accounts

Regularly review your accounts for unusual activity. This can help you catch signs of fraud early. Consider setting up alerts with your bank to notify you of significant transactions or changes in account information.

Protecting Against Undue Influence

Stay Connected

When people move, they can often ‘fall between the cracks.’ Busy with their careers and own kids, children can often assume Mom is fine in her new place. Old friends no longer live nearby; some have already passed away. Maintain regular contact with family, friends, and trusted advisors. Isolation can make you more vulnerable to undue influence. Engaging with a community, whether in person or virtually, can provide support and oversight.

Consult with Professionals

Work with financial advisors, attorneys, and professional fiduciaries who can provide objective advice and help protect your interests. They can also act as a buffer against potential influencers. With The DARCi Registry, you can appoint these professionals and your family as Trusted Persons to receive alerts when and if any changes are made to your registered documents.

Legal Safeguards

Utilize legal mechanisms such as durable powers of attorney and advance healthcare directives. These documents can outline your wishes clearly and appoint someone you trust to enforce them. Digitizing and registering those documents can help loved ones be sure they have the correct version and help banks and financial institutions authenticate they are working with the proper person acting on your behalf.

Protecting your estate and legacy wishes is crucial as you transition to a new living environment.

You can safeguard your estate from fraud, loss, and undue influence by taking proactive steps to register and secure your documentation, update legal instruments, stay connected, and consult professionals. This ensures your wishes are honored and provides peace of mind for you and your loved ones as you embark on this new chapter of life.

The article was written by Matt Everson, formerly a CFP® and CCO at illuminote.  

Register your Trust today on DARCiRegistry.com