Most people don’t like to talk about death, illness, or money in relation to their aging mom and dad. We should accept that we all will get older and would need help. And when you are prepared, you’ll have an easier time of it. Now is the perfect time to discuss this with your parents.
What Important Estate Planning Documents Are Needed?
The Will. 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. You have the option of using DIY kits, but it would be better if you have a lawyer draw the will if trusts, complex estates, or big sums of money are involved.
Health Care Documents There should be someone appointed who will make decisions for you in the event when you’ll be unable to anymore. A Living Will tells physicians what your wishes are regarding your medical care.
How Do I Start This Estate Planning?
It’s a good idea to know where your parents keep important documents. You should know where to go for financial information, medical and life insurance policies, contact information for doctors, lawyers, and financial advisors, funeral and burial plans, real estate deeds, birth certificates, marriage licenses, and other papers.
Help your parents with the estate planning
Your goal should be helping your parents as much as they need and want to be helped. You don’t want to overstep the boundaries because doing so could blow their feeling of independence. As always, you’ll want to approach them with respect. And, be sensitive to their concerns and try to put yourself in their shoes – after all, you will be there someday.
Check 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.
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