Discussing Aging Parent’s Estate
Talking to your senior parents about estate planning can be an uncomfortable subject, because many adult children don’t want to feel like they’re interfering with their parents’ personal affairs.
Estate planning typically includes a legal will that outlines distribution of assets; a financial power of attorney which dictates who will look after a senior’s finances when they become unable; a medical power of attorney, the person responsible for carrying out a senior’s medical wishes; and a living will, which establishes a senior’s health care wishes if they become unable to speak for themselves.
Discussing your senior parents’ estate early on with them ensures that you understand the role that they expect you to play after their deaths or during a medical emergency so that their wishes are carried out.
Talking with them becomes more important if they have not completed the necessary steps to protect their assets and secure their wishes. When approaching the topic of family estate planning, make sure that your siblings and immediate family members are involved so they don’t perceive your interests in your parents’ estate as self-serving. Ensure your parents understand you do not need to have the division of assets explained; it doesn’t matter how much they are planning on leaving you. What’s important is that they put the legalities in place to ensure they control what happens to their assets, even once they loose the ability to represent themselves.
Sources:
1. SeniorJournal.com (Robert Valentine)
Home Instead Senior Care in Rhode Island provides non medical home care services for seniors and the elderly who choose to live at home instead. Please call us for more information on our in-home care services at 401-667-2923.
