Should I Stay or Should I Go?
THINGS TO CONSIDER WHEN DETERMINING YOUR NEXT MOVE.
Aging brings important decisions about where to live during your golden years. Whether staying at home, moving in with family, relocating to a dream destination, or finding a senior community, planning early allows you to move on your own terms.
Consider making a change if you answer “yes” to these questions:
- Has a medical emergency or illness affected your ability to care for yourself or your home?
- Have you lost a loved one or caretaker and prefer not to live alone?
- Are you ready for fewer responsibilities like home maintenance and cooking?
- Do you want to be closer to family or in a community with social connections and activities?
What Are My Choices?
Aging In Place
Over half of people aged 60+ plan to “age in place,” which means adapting their homes for accessibility and safety, such as:
- Repair or renovate unstable stairways and loose steps, replace missing treads, eliminate open backs, and level raised nail heads.
- Wide doorways
- Space for walker/wheelchair maneuverability
- Updated smoke/fire/emergency alarms
Also, consider future home healthcare, transportation help, and senior centers for social connections and activities.
For a complete home safety checklist, scan the QR code.
Downsizing
Downsizing can be challenging, but it's a necessary step whether you're aging in place or moving to a new home. Here are some tips to make it easier:
Start Early: Gradually downsize over months or years.
Get Help: Hire a professional organizer for less frustration.
Donate or Gift: Donate to charities or give cherished items to family or friends.
Take Photos: Photograph items to preserve memories.
Consult Professionals: Seek advice on document retention and disposal from an estate planner or financial advisor.
Senior Communities
Modern senior communities now offer various amenities beyond traditional nursing homes. Researching and touring these communities in advance helps avoid rushed decisions. Start online or ask friends and family, but in-person tours are best. Ask questions, request a trial stay, and visit at different times to understand daily life.
Smart Moves - Selling your existing homes
You’ve picked your new home and streamlined your belongings; now it’s time to sell. Let Tinsley Realty’s experienced professionals assist you every step of the way. Connecting with us early can save you time, energy, and money.
We Help With:
- Marketing and selling your home after your move for less stress.
- Choosing necessary cosmetic improvements and repairs.
- Pricing your home competitively based on market conditions.
- Managing negotiations, repairs, and any surprises while keeping your goals in focus.
Tinsley Realty can help you every step of the way. Reach out to us to get started.
Estate Planning
What you need to know
Nearly half of Americans over 55 lack essential estate planning documents. Estate planning specifies what happens to your estate after death and while alive, including health and financial directives, ensuring your wishes are honored and assets transfer smoothly.
This prevents legal issues and family conflicts. An estate plan is a valuable gift to your loved ones. Hire a professional estate planner or attorney to ensure everything is legally and correctly completed.
Wills And Trusts
A will is a legal document that designates beneficiaries for your estate and names an executor.
INCLUDE IN A WILL:
- Beneficiaries (individuals
or charities)
- Significant assets
- Debts (mortgage,
credit cards, loans)
- Executor’s name
A trust allows a grantor to transfer property to a trustee for beneficiaries, minimizing taxes, setting distribution restrictions, and bypassing probate. Consult an estate planning professional to determine the best trust for your needs.
Heath Care Power of Attorney and Living Wills
A healthcare power of attorney designates someone to make medical decisions if you can’t. Inform them of your wishes. These documents ensure your wishes are followed and ease the burden on loved ones.
A living will outlines your end-of-life treatment preferences, such as:
- Approved medications
- Feeding tube use
- Life support
- DNR orders
- Organ donation
- Palliative care
FINANCIAL POWER OF ATTORNEY
A financial power of attorney designates someone to manage your finances if you're unable to. It's advisable to choose a person different from your healthcare proxy to avoid overburdening them. Select a trusted individual and communicate your financial wishes to them in advance.
NOTE: Estate documents are serious business, so you should hire a professional estate planner or attorney to ensure that everything is properly completed and legal for your state!
Estate Planning Checklist
- List Assets and Debts: Include everything in your net worth.
- Gather Documents: Collect important papers (marriage, divorce, insurance, deeds, titles, bank nfo) and store securely. Inform your executor.
- Choose Representatives: Select power of attorney, proxies, executor, and trustees.
- Draft Estate Documents: Hire a professional estate planner or attorney for state-specific rules.
- Communicate with Family: Inform them to prevent surprises and clarify questions.
- Review Regularly: Update every 3-5 years or after significant life events.
Technology
Advances in technology offer solutions for families worried about loved ones being home alone.
Monitoring Systems: Remote devices for interior/exterior monitoring and interaction.
Virtual Home Health Support: Cameras and audio equipment for tracking movement, medication schedules, and health emergencies.
Wearable Devices and Smart Tech: Pendants, smartphones, and tablets with GPS for tracking seniors who drive, travel, or enjoy outdoor activities.
Reverse Mortgage
Reverse mortgages (Home Equity Conversion Mortgages) provide funds for seniors with significant home equity.
Consult with multiple companies and a senior real estate specialist to ensure a secure process.
Community Support
Many communities provide services to help seniors stay at home longer. These services can reduce reliance on family and friends and delay the need for assisted living. Check medical insurance for coverage options.
Wearable Devices and Smart Tech: Pendants, smartphones, and tablets with GPS for tracking seniors who drive, travel, or enjoy outdoor activities.
- Transportation Support
- Meal Delivery
- Medication and Daily Care Assistance
These services can reduce reliance on family and friends and delay the need for assisted living. Check medical insurance for coverage options. You can find these resources through a local senior center, Area Council On Aging, or through an online search for "Senior Care Coordinator."
Tinsley Realty is your go-to Senior Real Estate Specialist®
Thinking about your next move? We’re here to help you right-size your real estate commitments and enhance your retirement plans.
Partnering with an Senior Real Estate Specialist® (SRES®) like us means benefiting from specialized expertise in serving home buyers and sellers 50 years or older. With our education and experience, we’ll guide you through the unique financial and lifestyle transitions of relocating or selling your family home for a fresh start and ongoing enjoyment. We provide VIP relationships with vendors and specialists, including:
- Market Analysis
- Property Evaluation
- Estate Sale Planning
- Cleaning/Repairs
- Packing/Moving Services
- White-Glove Listing Program
- Notary Assistance
- Professional Organizers
- Utility/Address Transfers
- Estate Planning and more!
Our team is here to assist with every step, allowing you to focus on your retirement goals while we handle the details.