Preparing to downsize

By Patricia Nugent

The new year is a time of transition. For people considering a move to retirement living or senior care, it’s a smart idea to have your legal affairs in order before taking the plunge.

We caught up with local attorney Margaret T. Karl for some insight. She has made it her mission to help seniors navigate the often complex process of estate planning. Margie takes the time to explain every step of legal documentation and strategy to her clients, making sure they are comfortable with the steps they are taking.

“Many senior care facilities require residents to have a power of attorney (POA) in place to legally name someone with the authority to act on someone’s behalf in legal and financial matters if that person is unable to,” she explains.

There are several different types of POAs—from general to durable, medical, limited and springing—to cover various situations.

“In addition to setting up POAs, downsizing is a good time to make long-term decisions about how you will handle your assets,” she adds. “All of your financials should be accounted for and considered. When doing a clean-out in preparation to downsize, it’s not unusual for clients to come across older bank accounts or insurance policies they don’t even remember having.”

Margie recommends people do not wait to plan their estates until they’ve found their ideal home, as many places have waiting lists to move in. “It’s important that you have your documents in order, so when your name is called, you can move in right away.”

There’s much to consider when researching and touring different living options. Having your affairs in place lends peace of mind before starting the process.

Margaret T. Karl, attorney at law, is located at 25800 North Depot Street, Suite 102, in Olmsted Falls. Office hours are Monday-Friday, 9 a.m.-5 p.m. Call 440-782-5051or visit OlmstedOhioLaw.com.