Set up a trust, there is also a specific type to preserve assets during elder care, sooner the better as they have to be in effect for x amount of years prior.
1 trustee is best, more than 1 trustee is ok as long as the parties trust each other and can act alone.
Set up POA.
POA terminates once the person is deceased, so get a trust.
Transfer assets to trust, $, house, cars, everything.
A will is garbage, but have one and keep it extremely simple, assets distributed evenly among my children after all debts, etc.
Have an executor listed as well as a backup.
Any asset you didn't know about, and it happens, you need to have a will/executor.
Trust avoids probate, completely, assets can be distributed next day with no fees, lawyers, court, court costs, disputes, etc.
You want to avoid probate, any asset not transferred to the trust must go through probate, time consuming and costly.
Take care of other items, DNR if wanted, etc.
Prepay funeral and all arrangements.
If set up correctly, funds go into an account and earn interest, and you don't owe more once needed.
It's better to not have to deal with this at the same time as a loss, and potentially receive a refund, than to add it to your plate, and potentially have to come up with the funds yourself because you didn't set up a trust and you have to find a lawyer for probate, wait 9 months, pay a bunch of fees, and argue over who's doing what (wrong) and who's paying for it all, now!
And set up a trust.
