Broaching the topic of estate planning with a parent can be difficult; some older adults have difficulty facing the consideration of post-death issues. Often, however, frank talk can help move the conversation into serious estate planning discussion.
Have You Talked to Your Parents About Estate Planning?
If your parents don’t yet have an estate plan, now is the time to start that conversation. While it may not be the easiest topic to bring up, discussing estate planning can help avoid future complications—and provide peace of mind for everyone involved.
Here are a few key reasons why estate planning is so important:
- Health Care Decisions
If a parent becomes hospitalized or unable to make medical decisions, a clear estate plan ensures someone they trust can speak and act on their behalf. - Financial Management
Should your parents become unable to manage their finances, an estate plan allows a designated person to step in and handle their affairs properly. - Asset Distribution
Most parents want their money, property, and belongings to go to the people they love. Without a plan, those decisions could end up in the hands of the state or third parties.
Estate planning gives individuals the power to make their own decisions about health care, finances, and how their property is handled. It also helps families avoid the costly and time-consuming probate process.
Adult children are often ideal candidates to serve as a parent’s financial or health care power of attorney, personal representative, or successor trustee. Involving family members in the planning process can ensure clarity, reduce confusion, and build trust.
At its core, estate planning is about protecting your loved ones and making sure your wishes are honored. Speak with an attorney to learn how a customized plan can benefit your family now and in the future.
These legal topics are provided to you by the President of QMC, Mark Easley. While QMC does not engage in the practice of law, Mr. Easley has practiced estate planning and elder law for over 30 years and is currently the principal at the Elder and Estate Planning Law Firm of St. Louis.