There are not many things in life more difficult than watching a parent get old. As challenging as this can be, it is important to do your part in helping mom or dad (or both) understand their estate plan.
Here are three estate planning details to discuss with aging parents:
1. Creation of legal documents. There is a big difference between estate planning documents that have been created by an attorney and those that were put together at home. Answer these questions:
- Is there an estate plan in place?
- Who is their attorney?
- What estate planning documents have been created?
- Does it make sense to meet with an attorney again in the near future?
2. The location of estate planning documents and other important records. This can include but is not limited to a will, trust documents, tax returns, and financial statements.
These documents can be stored in a number of places. From a bank safety deposit box to a safe under the bed, you need to know where these documents are located.
3. Healthcare. There are not many things more important than the discussion of healthcare related details. What type of medical insurance does the person have? Do they have long term care or disability insurance? Do they have money set aside to help pay for long term care, should the time come?
Along with the above questions, talk with them about the importance of a living will. This is a statement detailing how a person wants to be treated medically in the event of particular circumstances.
When it comes to elder law and estate planning, it can be a challenge to know what to say and which topics to avoid.
If you are trying to help an aging parent with his or her estate plan, don’t hesitate to contact us for professional assistance. We will make sure everyone’s questions are addressed and all concerns are put to rest.