Do your parents have an estate plan? If not, you should have a conversation about the benefits of estate planning and the pitfalls of procrastination.
Estate planning is an essential topic for adult children to discuss with their parents. Here are some key points to consider:
1. If your parent is in the hospital, they may need someone to make health care decisions in their best interest.
2. It may be necessary for someone to act on your parents’ behalf if they are unable to manage their financial affairs.
3. Most parents want to see any money, assets, or personal property go to the people they love.
If your parent does not have an estate plan, these concerns may be left to the state or other third parties to decide.
Estate planning empowers clients to manage their health care decisions, finances, and property in the way they see fit. Likewise, strategic estate planning can save their estate and heirs from the costs and hassles of probate.
Typically, adult children are excellent candidates for parents to include in the estate planning process as financial and health care power of attorney, personal representative, or successor trustees.
Ultimately, estate planning is an empowering process that enforces one’s wishes and protects their interests. Contact an attorney to learn more about how estate planning can benefit your family.