Thinking about losing your parents is painful and something no one wants to do.
If you’ve recently found yourself in a position where your elderly parents have asked you to help them plan their estate, where should you start?
Talk to them about their plans
The first thing to do is talk with your parents about what they want to happen to their estate after they pass away. While not an easy conversation to have, it’s an important one. It helps you to better understand what they own and what they want to happen to it.
Appointing a power of attorney
Thinking about appointing a power of attorney is something that many leave until the point at which they really need it. In fact, the earlier your parents appoint an attorney, the better.
A power of attorney gives someone the legal responsibility to make decisions for another person when they no longer have the capacity to do so.
It doesn’t need to be you, but it can be. There are two different kinds of power of attorney, one to deal with healthcare and another to handle finances.
Consider accommodation options
Thinking about senior living facilities is important even if your parents are currently living independently. For example, you should discuss options such as nursing homes, assisted living and in-home care for the time when one, or both, parents needs full-time care.
Getting some legal help can assist both you and your parents in planning their estate. It offers you all peace of mind that everything is in place for their wishes to be met.
