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Monday, February 10, 2020

Importance of Discussing Estate Planning with Your Aging Parents

If you have aging parents, you understand the importance of spending as much time with them as possible. In addition to spending quality time with your aging parents, you should assist them in getting their affairs in order. Although it can be uncomfortable to discuss, everyone (including young adults) should have an estate plan in place to ensure that their loved ones will be cared for in the future.

Below is an overview of the importance of discussing the estate planning process with your aging parents. For additional guidance on discussing the estate planning process with your parents, please contact a Michigan estate planning attorney today.

Matters to address with your parents

Illness

Estate planning is particularly important for those who suffer from serious illnesses. Therefore, if one or both of your parents suffer from a serious illness, and their conditions have not yet affected their decision-making abilities, you should address this matter with them while there is still time.

By beginning the estate planning process, your parents can account for the effects that their illnesses will have on them in the future, and they’ll be able to establish guidelines for their future care. In addition, your parents can use the estate planning process to designate the individual or individuals who will make health care decisions on their behalf when they are no longer able to do so.

Financial matters

All good estate plans address financial matters. Even if your parents are in good health, you should discuss the benefits of getting their financial affairs in order via the estate planning process. In addition to leaving assets to loved ones through a valid will, your parents can use the estate planning process to appoint someone to handle their finances in the event that they become incapacitated.

Love and gratitude

Finally, in addition to encouraging your aging parents to begin the estate planning process, it’s important to spend as much time with them as possible and to express your sincere love and appreciation for everything they’ve done for you over the years. Ultimately, you should aim to make your parents’ golden years as fulfilling and enjoyable as possible.

Let us help you get started

In order to ensure that your parents' wishes are honored, you should contact a Michigan estate planning attorney today to begin the estate planning process. At Keating Law, PLC, our attorney will assist you and your parents with all aspects of the estate planning process, including drafting a will, executing a durable power of attorney, creating a trust, and choosing an executor. Remember, if your parents are elderly or have health issues, you should get started as soon as possible. So, if you’d like to begin the estate planning process today, please contact us for a consultation.


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