I WAS called for yet another visit to a neighbouring hospital last week to finalize a Last Will and Testament for a 91-year old, widower, male, with seven children. By the time we had the document witnessed, the hurdle of getting the attestation of mental competence from the medical staff has proven to be cumbersome. But we got it done, that’s the good news.
However, the stress of having it done could have been easily avoided by proper and advanced planning.
Whether it’s fear, lack of confidence, or simply lack of proper education on estate planning and the possible financial and emotional turmoil that goes without it, elderly parents need to realize more than ever that an estate plan is a necessity.
One of the most important things you can do to help your aging parents is assist in planning their estate. This will clarify their wishes and ensure that they receive the best care possible without placing a heavy financial burden on you and the rest of your family.
Open up a conversation with your parents. Keep it low-key and relaxed. Start by asking them who should look after their affairs in the event of any medical emergencies. That may pave the way for a dialogue on your parents’ financial affairs. If not, spell out the chaos and confusion that could result from not addressing the issue. Be patient, be respectful, and have this conversation in several sessions if necessary to smooth feathers.
Designate a point person for your parents’ health-care affairs. Ideally this person is designated by your parents, is objective, and has your parents’ best interests in mind. It could be you, a sibling, a family friend or one of their trusted confidants.
Have a backup plan. In the event that an estate designee isn’t on hand to make a decision, select a second person—ideally one who is equally familiar with your parents’ situation.
Discuss drafting a living will. Assure them that this document forces medical providers to honor their personal medical choices in the event of a debilitating condition, such as a terminal illness or coma, when they are no longer able to speak for themselves.
Designate someone to handle their financial and business affairs. Even if a parent is ill or otherwise incapacitated, the bills don’t stop coming in. One option is to draft a durable power of attorney.
Join forces with your siblings or other family members to decide your parents’ fate if they have passed the point where they can make their own decisions. Conduct good due diligence beforehand when researching the costs of home care, assisted living, retirement homes and other items associated with long-term health care.
Craft your parents’ estate plan in a way that passes on assets to heirs as easily as possible.
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Evangeline is a California registered tax preparer, a legal document assistant for the general public, and a freelance paralegal offering assistance to various attorneys. She can be reached at her office at 2451 Colorado Blvd. #2, Eagle Rock, CA 90041 or at her marketing location inside the Eagle Rock Plaza. Her phone number is (323) 550-1869 or you can check her website at: www.evangelinegiron.net. She is a member of the court-endorsed California Association of Legal Document Assistant (CALDA) and an Associate Member (Non-attorney) of the LA County Bar Association (LACBA).
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Note: Evangeline is not an attorney nor does she provide legal advice. She is a bonded and registered Legal Document Assistant and prepares legal documents per the specific direction of clients.
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