Estate Planning Advice: How To Help Your Parents With The Transition

As we watch our parents and other loved ones become older, we begin to appreciate our own independence. When our parents reach a certain age and it begins to have a detrimental impact, it can be tough to come in and help them out.

Many children are hesitant about stepping in and becoming the parent to their mother or father. Not many children want to be responsible for estate planning, finances, and any short-term or long-term care arrangements. Often, older adults insist they do not need help because they do not want anyone to take over duties they have managed for their entire lives. In many families, no one discusses finances because the subject of finances is restricted in conversations.

Sometimes many families do not bring up finances or legal matters until a death or accident happens. However, the best time for parents and children to discuss these topics is when everyone is still living and able to understand the entire conversation.

We understand it can be difficult to have conversations like those, but they are necessary if you want to avoid any arguments or disagreements later. When it comes to finances and other topics of discussions, all sides can have varying opinions. Arguing will not help, and there is no need for anyone to insist they know more than the other. What is needed is valuable information, documents, and other support for your parents. Older adults need enough time to look through documents in order to make a decision and feel in control.

You should make sure your parents or parent has all the proper documents for estate planning, such as the following:

  • A Last Will And Testament
  • A Power Of Attorney
  • Living Will
  • A Trust
  • Insurance documents
  • Tax documents
  • Bank statements/other financial documents

The goal of any family discussion should be to gather and share as much valuable information as possible. You do not want to scare your parents or force them into making decisions they are not comfortable making. When you go through these steps with your parents, you will know what kind of information your children will need to take care of you.

If you need assistance in easing your parent’s transition, do not hesitate to contact us today.