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As your parents continue to age, their estate plan needs to be updated. If you’re unsure whether your parents have done their estate planning, including long term care planning, it’s okay to chat with them. While this can be difficult to do, these are important conversations to have. Take a look at the following information, for advice on what topics to discuss. If you have any questions, or if you’d like to assist your parents with their estate planning, contact an estate planning attorney.
- Do your parents know how they’d wish to distribute property after their death? If they have yet to create a will or trust, this is an important planning need. A will or trust can outline property distribution wishes so that the right beneficiaries receive assets. With no plan, your state’s laws will determine how assets are distributed and it may not be how your parents would wish.
- Have they planned for possible incapacity? A medical emergency can happen at any time. It’s important for your parents to have an incapacity plan in place so that they can get help with their financial and medical affairs, even when they’re unable to communicate their wishes or give consent.
- Have your parents considered their funeral planning wishes? If your parents have particular wishes, it’s important that they voice these opinions, even put them in writing.
- Have your parents considered where they stand on the use of end of life treatments? A living will is an important planning document that allows individuals to express their wishes for end of life medical treatments and procedures. Without a living will in place, you or your loved ones may have to make difficult decisions on behalf of your parents and this can cause family discord.
If you have any questions, or if you need help discussing your estate planning concerns with your parents, consult with a qualified estate planning attorney.
Davidov Law Group is a member of the American Academy of Estate Planning Attorneys.
