Most people don't like to talk about death, illness, or money in relation to their aging mom and dad. We should accept that we all will get older and would need help. The more prepared you are, the easier it will be. Now is the perfect time to discuss this with your parents.
What type of documents do you need?
Last Will. Decisions regarding your assets, how your estate will be managed, custody and care of minor children are some of the terms that need to be mapped out. Do-it-yourself kits are available, but if trusts, complex estates, or large amounts of money are involved, use a lawyer to draw up the Will.
Health Care Documents You must appoint a person that would make decisions for you if you won't be able to. You can also have a Living Will so the doctor will know what your decisions are regarding medical or life support procedures.
So how do I start estate planning?
Find out where your parents store their documents. You should know where to go for financial information, medical and life insurance policies, contact information for doctors, lawyers, and financial advisors, funeral and burial plans, real estate deeds, birth certificates, marriage licenses, and other papers.
Help your parents with the estate planning
The important thing is to help your parents as much as they need and want. It can get very tricky if you overstep the boundaries - you don't want to take away their sense of independence and hurt their dignity. Keep in mind to approach them with respect. Be empathic and sensitive to their concerns.
Examine your estate planning
While you're at it, take care of your own estate planning, too. Make sure that when the time comes that you are prepared for a smooth transition of your legacy, which you have prepared through your estate planning.
What type of documents do you need?
Last Will. Decisions regarding your assets, how your estate will be managed, custody and care of minor children are some of the terms that need to be mapped out. Do-it-yourself kits are available, but if trusts, complex estates, or large amounts of money are involved, use a lawyer to draw up the Will.
Health Care Documents You must appoint a person that would make decisions for you if you won't be able to. You can also have a Living Will so the doctor will know what your decisions are regarding medical or life support procedures.
So how do I start estate planning?
Find out where your parents store their documents. You should know where to go for financial information, medical and life insurance policies, contact information for doctors, lawyers, and financial advisors, funeral and burial plans, real estate deeds, birth certificates, marriage licenses, and other papers.
Help your parents with the estate planning
The important thing is to help your parents as much as they need and want. It can get very tricky if you overstep the boundaries - you don't want to take away their sense of independence and hurt their dignity. Keep in mind to approach them with respect. Be empathic and sensitive to their concerns.
Examine your estate planning
While you're at it, take care of your own estate planning, too. Make sure that when the time comes that you are prepared for a smooth transition of your legacy, which you have prepared through your estate planning.
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