Is it time to discuss estate planning with your aging parent?

On Behalf of | Jan 7, 2022 | Estate Planning |

Your parent had a scary fall and ended up in the hospital to be treated for a broken arm. While you have been aware of the risk of falls and injuries, this accident might have made it especially clear to you and your siblings that your parent is not getting any younger.

It is an ideal opportunity to sit down with your siblings and your parent to discuss whether your parent has their estate planning done. 

It may be scary for your parent to face their own mortality

Your parent might have a difficult time seeing themselves as older. For this reason, they could be resisting taking care of their future.  While they may worry about having sufficient funds to cover their future needs, they might not yet have taken steps to address it.

To safeguard against depleting their savings, your parent should have an estate plan. This ensures that they have a will, power of attorney and health care directive ready for their future. 

Talk with your parent and get an idea of what assets they have

Make time to sit down with your parent and your siblings. Discover how your parent feels about their situation right now. Find out if they are considering medical care or assisted living in the future. If so, find out how they will pay for this. Will they need help from you and your siblings? 

Once you know what your parent wants for their future, you will be ready to help them create their estate plan. This is not something to do alone as there are many different options to consider. Getting help to understand more can help you, and your parent draw up an estate plan that will work for all of you.