How to Help Your Senior Loved Ones Plan Their Estate. Planning for the future can be a challenge on your own. If your senior loved ones are struggling with financial decisions or seem overwhelmed with the decision-making process, you can step in to provide them with some relief. Be aware that there are financial and legal professionals who can help you and your loved one manage this transition.
Find an Attorney
Hiring an attorney will give you the best chance to work with up-to-date data on the best way to protect your loved one and their assets. In addition, working with an attorney can protect you and your siblings from relationship problems in the future. The decisions you’re facing may include end-of-life choices that need to be addressed by your elderly loved one. Even the best family relationships can be damaged during this decision-making process. Make sure the attorney your loved one hires has the relevant experience to help them through the complexities of estate planning.
Evaluate Their Financial Situation
Carefully review what your parents have in terms of assets and insurance. Medical, long-term care and life insurance will all need to be assessed to make sure that your loved one is putting their dollars to the best use for their future well-being. If your loved one owns property, discuss setting up a trust to avoid probate. Carefully review their current income to make sure that any insurance they are paying for is a good use of their current income.
Protecting Their Physical Well-Being
Estate planning is a time for tough conversations, so be sure to talk about the financial implications of daily maintenance. Discuss reducing the physical burdens on your loved ones, such as housework, exterior home care and strenuous gardening activities, by hiring someone. To make sure that your loved one can continue to financially care for themselves, encourage them to consider bringing in help to assist with activities that include lifting, bending or carrying objects such as laundry baskets or groceries. One bad tumble with a laundry basket can be a life-changing event for an elderly person. By employing help before such an accident, your loved one can stay in their home in safety and comfort. Downsizing can be stressful under the best of circumstances. If your family has to do it in a rush, your loved one may suffer a big financial hit.
End-of-life decisions are never easy. However, with the right plan in place and help from professionals, you and your loved ones can make good decisions that can reduce worry and stress. We hope you like our tips on How to Help Your Senior Loved Ones Plan Their Estate.
Part of planning for an estate is making sure you have life and final expense insurance set up. Contact us to get a quote!
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