Estate Planning For Your Mom And Dad

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People usually prefer not to talk about illness, money, or death when it comes to their elderly mom and dad. We should accept aging as a part of life. The more prepared you are today, the easier it will be for everyone down the road. If you and your parents haven’t discussed this yet, then do it now.

What Important Estate Planning Documents Are Needed?

Last 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. Do-it-yourself kits are available, but if trusts, complex estates, or large amounts of money are involved, use a lawyer to draw up the Will.

Medical Care Documents. There should be someone appointed who will make decisions for you in the event when you’ll be unable to anymore. Similarly a Living Will tells doctors your wishes regarding which medical or life support procedures, you do or don’t want.

So how do I start estate planning?

Find out where your parents store their 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 with the planning

You want to help your parents as much as they need and want to be helped. The last thing you want to do is to go over the boundary and end up ruining their sense of independence. Be respectful at all times. 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. You wan to be prepared when you reach that stage of life.

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Topics: Elder Care | Comments Off

Tags: Elder Care, estate planning, estates, family, Family and Estate Planning, Family and Estates, Family Members, Finance, Finance and Family, financial planning, home, Home and Family

Article Citation
MLA Style Citation:
Harris, Quinn "Estate Planning For Your Mom And Dad." Estate Planning For Your Mom And Dad. 29 Jan. 2012. uberarticles.com. 19 Apr 2012 <http://uberarticles.com/home-and-family/elder-care/estate-planning-for-your-mom-and-dad/>.

APA Style Citation:
Harris, Q (2012, January 29). Estate Planning For Your Mom And Dad. Retrieved April 19, 2012, from http://uberarticles.com/home-and-family/elder-care/estate-planning-for-your-mom-and-dad/

Chicago Style Citation:
Harris, Quinn "Estate Planning For Your Mom And Dad" uberarticles.com. http://uberarticles.com/home-and-family/elder-care/estate-planning-for-your-mom-and-dad/

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