Aging Parents and Estate Planning

How to Encourage Your Elderly Parent to Plan Their Estate

In this world, nothing is certain except death and taxes” as Benjamin Franklin said.Indeed, we cannot escape the reality that we will all die someday. And consequently, we will certainly have to pay taxes.

When you have elderly parents and you have appreciated the value of estate planning, you have accepted the fact that someday your parents will inevitably leave you and that alongside their departure are estate taxes that you need to settle, and this matter becomes a critical concern for you.

Death isn’t an easy topic of conversation for families, even though everyone knows that it’s an important one. Yet the cost of avoiding this tough conversation with an aging loved one can be monumental.

Elderly parents may experience greater anxiety about the unknown but may be hesitant to confide while adult children may feel overwhelmed by the responsibility of making decisions on their parents’ behalf. Conflicts may also arise whenever adult children make decisions that are different from those their parents would have made.

Having a conversation with your parents about their finances, memorial wishes, and estate planning objectives is one of the greatest things you can do for them. By doing this, you have saved your family into a state of confusion because you have an idea of what your mother or father may have desired should a severe health issue or sudden death arise.

It’s great if your parents have already prepared an estate plan. But what will you do if your elderly parents do not have one, or worst, they refuse to have one?

Encourage Your Parents to Discuss Their Wishes

You may start by explaining to them that putting their affairs in order is not about death. It's about making sure things get done their way in accordance with the laws. You may also educate them why having a will is the responsible thing to do and why refusing to have one simply invites chaos. Your parents surely do not want to see you and your siblings fight over money, property, and other material possessions.

Your parents will definitely appreciate your intentions if you can emphasize to them that you acknowledge that the property and money they acquired through their hard work is theirs and not yours. Make them understand that you are just assisting them to plan their estate so they can have total control of how their assets are to be distributed.

Make the most of this time also to ask if your parents have any of the following estate planning documents:

(1) Wills;

(3) Trusts; And

(4) Special Power of Attorney

If they do not have these documents, you can explain to them the benefits of having each.

Encourage Your Parents to Seek Expert Legal Advice

If you are still having difficulty discussing this with your aging parent, you may benefit from seeking an experienced estate planning lawyer who can provide information to your parents about the advantages and process of planning their estate without making them feel constrained.

By encouraging them to talk with an attorney, you also help your parents take immediate steps to protect their assets so there isn’t a lot of money and property wasted due to unnecessary estate taxes.

The probability of a contested will, a painful probate process, and chaos among the family can be minimized with the guidance of a competent estate planning attorney.

We, at Mendoza Navarro-Mendoza and Partners Law Offices, will be happy to sit down with you and your elderly loved ones and discuss their estate planning objectives and ultimate wishes. If you’d like assistance in getting started, contact us at 8-635-5559 to schedule a consultation.