As our population ages, people are living longer and this will change the landscape of estate planning. Baby boomers’ responsibilities now go beyond their own retirement. With both baby boomers and their parents in retirement, boomers must consider their parents’ welfare, too. This requires planning today and into the future. Some points to focus on are end-of-life choices and what happens to an estate in the event of a death.
Estate Planning for Parents
Estate planning is a way to put all assets, property and finances in order. This will establish what happens to an estate upon a death or a debilitating illness and who makes legal and financial decisions on the deceased’s behalf. Contacting the Coachella Valley estate planning law firm and speaking to a qualified attorney can benefit the whole family.
End of Life and Long Term Care Decisions
Life support and resuscitation decisions should be made beforehand and will help take strain away from family if an event occurs. An advanced health care directive or a living will cover this issue. Long-term care should also be discussed and establish if the person would prefer home health care or being placed in a nursing home. Long-term health insurance or other types of insurance should also be discussed. A Coachella Valley estate planning attorney can help set up a health care directive.
Financial Decisions for Your Parent
Who will be making financial decisions if your parent is unable to? Your Coachella Valley estate planning attorney can help create a power of attorney. Determine who your parents trust to make financial decisions, such as taking care of bills, checking accounts and other financial matters.
What to Do to Get Started
A will is essential to safeguard assets and property upon a death to establish when and how assets will be divided and to whom they will be disbursed. Your attorney may also recommend a trust.
All the paperwork (financial documents and records) should be kept safe. Once all wills and other directives have been filed, your parent should draft a letter instructing the attorney on the whereabouts of all important papers, keys and/or passwords.
It is vital to start an estate plan early to protect your parents’ assets and address late-stage health issues. Speak to an attorney at Coachella Valley estate planning law firm today to begin the estate planning process.
Contact Our Coachella Valley Estate Planning Law Firm
Contact our legal counsel at 760-322-2275 to schedule a consultation to discuss your estate plan and/or your parents’ plans.