On behalf of The Law Office of Wickersham and Bowers posted in Estate Planning on Thursday, July 16th, 2020
Estate planning is often an uncomfortable topic for many people. Some think that planning their estates means that they are a step closer to the grave. Although it might be an uncomfortable to do, planning your estate can be instrumental in avoiding chaos after you have passed away.
For the elderly, planning your estate should be a priority. That’s basically so that should anything happen to you; you’ll know that everything is in order. In cases where the parent is quite senior, having the children involved in the estate planning process and this is why:
Someone You Can Trust
People of advanced age are often taken advantage of by unscrupulous people in our society. As a parent gets older, their bodies or mental faculties might start to fail them. To ensure that all your day-to-day finances are taken care of, you will need to appoint a power of attorney. That power of attorney can be given to your child and as such they should be involved in the estate planning.
In Cases Where There Is a Minor
In cases where the parent is elderly and they have children under the age of 18, a personal guardian should be appointed. To ensure that everything transitions as planned, it’s good to involve the child when making this decision. If something happens to you and the child is left without a parent, leaving that child to someone they know and trust will work out a lot better. As such you might want to speak to the kids about whom they feel most comfortable with.
In Matters of Finance
When planning your estate, financial matters take up a huge chunk of the planning. Although it’s not a must to keep your children in the loop when it comes to financial matters, it’s always good practice to keep people in the loop concerning the state of things. If your children are adults, you can speak to them about the state of the finances and also let them know what you expect upon your departure. This is usually beneficial to the kids so that they can know what to expect upon your passing.
All through this period of time, you should always have a trusted lawyer by your side. At Wickersham & Bowers, we ensure that all matters regarding your estate planning are handled professionally and diligently so that everything stays in order.