Discussing Estate Planning with Aging Parents
Discussing estate planning with aging parents is especially important if you are seeing any signs of dementia or Alzheimer’s. However, even if they are in good health, it’s important for everybody to have a will in place so that they have a plan for the future. Begin talking about estate planning early and often with your parents, even though it can be a painful topic. Make sure to talk about who they would like to leave in charge of their estate, as well as what plans they have for their assets. Finally, the best way to make sure that you are including everything you need to is to speak with an experienced attorney. They can guide you through the process of estate planning and help you create a will. It can be a relief to have a clear plan in place for what happens as your parents age, and at the end of life. Knowing that their estate is secure can allow you all to relax and enjoy your time together.
Why is it Important?
It’s incredibly important to discuss estate planning with aging parents so that you have a plan in place for what happens after they pass. You will also want to know what type of end of life care they have in mind. If you die without a will in place, the state will decide what happens to all of your assets. Therefore, if your parents want to have some control over their estate, then it’s important to have your attorney help them create a will.
When to Begin Discussions
Discussing estate planning for aging parents can be an emotional conversation. Thinking about the end of life or the possibility of your parents passing away can be painful for everybody. However, it’s important to begin these types of discussions while they are still in good health and able to make decisions for their future. You don’t want to be trying to navigate creating a will if you are also dealing with dementia, Alzheimer’s, or other health conditions. So find a time when you can talk with them about what they’d like for their future care and how they want to handle inheritance matters.
What to Discuss
When discussing estate planning with your aging parents, your attorney can guide you through all of the things you should make sure to include in their will. First, you’ll want to find out who they would like to appoint as their executor. This is the person who will make sure that their wishes are carried out after they pass away. They also need to decide if they want to pass down any assets or properties, and if so, to whom. If they have any young children or dependents, they’ll need to designate a guardian. And finally, they can include their preferences for end of life care and give directions on who can make health decisions for them.
It’s best to enlist the help of an experienced attorney when discussing estate planning with your aging parents. They can guide you on exactly what to include and help you make those decisions. In addition, they will make sure that the will is typed, signed in front of witnesses, and filed away for safe keeping. In some states, there are specific rules about what makes a will official and where they need to be kept. Your attorney will help you make sure that you are following all the best practices for your state.
Discussing estate planning with aging parents is sometimes a painful conversation, but it is a necessary one. You are ensuring that their wishes will be carried out when they pass away, and making sure that their end of life care is what they want. Begin discussions when they are in good health and of sound mind. Make sure to include who they would like to appoint as their executor as well as what they want to do with their estate. Hiring an experienced attorney will ensure that everything is done correctly and that you include everything you need. Making a plan for their future, and knowing that their estate is taken care of, can give you all more peace of mind now.