Coping with the idea of a family member passing is an emotional process that we all must deal with at some point. It can also force us to think about estate planning for the future.
Who needs a will? We all do – regardless of how many or how little assets we have.
Helping your elderly parents to plan their estate is one of the most important things that you can do, especially if they own their own home and have other assets.
A well-planned estate will ensure that your parent’s wishes are carried out, as well as making sure that they receive the best possible care without putting a financial burden on you and the rest of your family.
The first step to planning your parent’s estate is to talk to them about their wishes. Find out about any medical problems, what to do in case of a medical emergency, discuss their financial affairs. Ask for any names pertinent to their estate, such as a lawyer, financial advisor, someone who should be in charge of their health care issues, etc.
Stress to them the importance of making all these decisions now when they can.
Next, discuss with your parents the benefits of having a living will, which is there as guidance for medical situations that may arise.
You or another family member should research information pertaining to the cost of home care, hospice care, paying bills if they become ill. Your parents need to have a good understanding of what it will cost to take care of them if necessary.
When planning your parents estate, make sure that the assets can be passed on to their heirs as fast and easily as possible.
The safety of your family’s future is invaluable. Contact the Orange County family law offices of Amy M. Montes. We understand the value of family and your concerns with financial security for future generations. If you are thinking of drafting a will, contact our office today for the help you need.