Steps That Parents Should Take In Their Estate Planning

Time may have gone by quickly as you grew from a child to an adult. Now, you may find that your parents are aging, and you want to take good care of them.

One way to ensure your parents are cared for in the manner they wanted, and that their wishes following their death are followed, is through good estate planning.

If your parents die without a will or trust, their estate will be passed on to heirs per state laws of intestate succession. This basically means state statute decides who is to inherit, which may or may not be what your parents would have chosen.

If your parents execute a will, they can pass their assets on to whoever they choose. Moreover, if your parents execute a trust, they can also include directions on how their trust assets are to be distributed.

Execute An Advance Medical Directive

When your parents are on life support, many difficult decisions will need to be made.

• Should they be on a ventilator?
• Should they be fed through a tube?
• Should physicians attempt CPR to keep them alive?
• What would they have wanted?

These topics can all be addressed by your parents in an advance medical directive. This document outlines what end-of-life preferences your parents have, leaving out the guesswork during what can be a difficult time.

Designate A Medical POA & Financial POA

It may be that your parent becomes incapacitated for a while before they pass away. They could fall into a coma or develop dementia or Alzheimer’s.

In these situations, they will need someone to make health care decisions on their behalf and manage their finances. Through a medical power of attorney, your parents can designate who they want to make health care decisions on their behalf if they become incapacitated.

Through a financial power of attorney, your parents can designate a person to manage their finances if they become incapacitated.

Interested in Working With Us?

If you need any help regarding your estate or other legal matters please reach out to us directly here and schedule a call with one of our paralegals on our scheduling page here. 

As a blog exclusive, we also have some free estate planning resources for you! View our life planning guide and our estate planning checklist below to either begin your estate planning or check to be sure you're up-to-date on your documents.