Many people will go out of their way to avoid talking about illness, death, and money where their aging parents are concerned and do not take care of Elderly Estate Planning. The reality is we all get older and eventually need help from others. The more prepared you are today, the easier it will be later on. If you have not had these discussions with your parents it may be time to start laying the groundwork.
Elderly Estate Planning: What Important Estate Planning Documents Are Needed?
A Will and/or Trust – Decisions regarding your assets, how your estate will be managed, custody and care of minor children are some of the terms that need to be mapped out.
Medical Care Documents – You need to appoint someone who you want to make decisions if you are unable to do so. Similarly, you need to tell doctors your wishes regarding which medical or life support procedures you do or do not want.
Power of Attorney – You should designate someone in advance who can care for your finances if you cannot.
How Do I Start This Estate Planning?
It’s a good idea to know where your parents keep important documents. You will need to know locations for financial information, medical and life insurance policies, contact information for doctors, lawyers, and financial advisors, funeral and burial plans, real estate estate deeds, birth certificates, marriage licenses, and social security or social insurance cards.
Help The Estate Planning Along
Your goal should be helping your parents as much as they need and want to be helped. It can get very tricky if you overstep the boundaries – you do not want to take away their sense of independence and hurt their dignity. As always, you will want to approach them with respect and be sensitive to their concerns. Try to put yourself in their shoes – after all, you will be there someday.
Checking Your Own Estate Planning
Equally important as having these conversations with your parents, is doing your own estate planning and documenting your own financial and medical care preferences. Make sure that when the time comes that you are prepared for a smooth transition of your legacy, which you have prepared through your estate planning.
If you have any questions or concerns about Elderly Estate Planning or your particular situation, please call me today so that together we can put those issues to rest.