There are many legal discussions for aging parents that you’ll need to address at some point in your life. As your parents age, it can be tough to discuss arrangements for their care. However, you must do this while they are still sharp so that you are meeting their wishes. One thing that you’ll need to discuss is an estate planning and their wills. You’ll also need to discuss financial matters and figure out how they’d like to handle their finances after they pass but also for their care. And finally, you’ll likely want to discuss some long-term care options as well so that you know exactly what their wishes are as they age. It can be hard to sit down and have discussions like this. But you must do so so that you are following their wishes.
Legal Discussions for Aging Parents: Having the Difficult Conversations
When is it Time?
It’s difficult to know exactly when to have legal discussions for aging parents. Some choose to wait until their parents begin showing signs of aging – ailments or dementia. It’s best to approach this before you see any sort of mental decline in your parents. Sit them down while they are still very healthy and have the discussion so that you won’t need to ask later. This way you know you’re getting the truth of what they want with no confusion involved.
One of the parts of legal discussions for aging parents that you’ll need to talk about is estate planning. This involves figuring out what they would like to do with their assets when they pass away. They should each have a legal will drawn up by an experienced attorney. Make sure that they specify who they’d like to execute their will.
Another important point to hit on during legal discussions for aging parents is financial planning. It’s important to know how they’d like their finances handled as they age. This includes paying for medical care or treatment facilities as needed. Make sure that they discuss assets as well as debts so that you can get an accurate overview of their financial health.
Long-Term Care Planning
One final thing to include in legal discussions for aging parents is long-term care planning. You’ll need to find out what their wishes are. Do they want to be in a care facility? Or would they rather stay at home with caregivers? Do they qualify for Medicaid or other programs like Veteran’s assistance? It’s important to know how they’d like to be cared for and also how to make it affordable.
Legal discussions for aging parents can be awkward and uncomfortable. However, they are incredibly important to have so that you are taking the best care possible as your parents age. Make sure that you begin these discussions early and before any mental deterioration sets in. This way you’ll get a clear picture of what they want, not a confused version. Include discussions about their wills and estate planning so you know who they’d like to pass their assets to. In this discussion, you’ll want to make sure and ask about their financial health. And finally, plan out how they’d like their long-term care to look and how you’ll afford it. Hopefully, you and them can have a healthy discussion about their wishes so that you can provide them with the best care possible when the time comes.