How to Discuss Estate Planning with Your Elderly Parents
Many adults in their 40s and 50s have elderly parents who are beginning to need significant medical care and help with their finances, yet it remains common for elderly adults to have avoided estate planning earlier in life. As such, many of those adults in their 40s and 50s are thinking about how to address estate planning needs with their parents, including issues they want their parents to consider that range from matters concerning long-term care and asset protection to health care wishes and issues that advance directives address. According to data published by USA Today, fewer than 50 percent of adults over the age of 55 currently have an estate plan, and the number of older adults who have considered estate planning themselves has declined over the last two decades. Indeed, citing data from the Center for Retirement Research at Boston College, that article reveals that “the share of over-70 households with wills or trusts to distribute their assets after death has been in steady decline since the mid-2000s.”
While elderly adults are still legally competent and able to make important decisions for themselves, it is critical to consider various aspects of estate planning, especially if there are concerns about cognitive impairment in the future due to medical diagnoses. Yet as many of us know, it feels difficult, if not impossible, to discuss estate planning with elderly parents. Our Canton estate planning lawyers have some tips to help you.
Discuss Plans with Siblings and Other Relevant Parties First
The best way to approach an elderly parent about making an estate plan should always be decided on a case-by-case basis, and you and your siblings (and other family members) likely know your parent(s) best. Before you approach your parent(s), consider talking with trusted siblings or other family members about the best approach to take, recognizing that it is important to broach the topic sooner rather than later.
Do Not Wait Until an Emergency Comes Up
Estate planning tools are most helpful when they can be created and executed before an emergency arises. It is best to have a discussion with an elderly parent before anyone needs to rely on an estate planning document or tool — in other words, before an emergency situation comes up.
Know This Will Likely Take Time
When you approach an elderly parent about estate planning, recognize that the conversation might not progress in the manner you would like on the first day, or in the first conversation. These conversations can be difficult for older adults to have, and it may take time —and multiple conversations — before a reluctant parent will agree to consider estate planning.
Find a Lawyer to Help
Talk with an experienced estate planning lawyer about handling estate planning materials for your elderly parent, and potential options based on the needs and circumstances of your parent or parent so that you can also provide helpful details to your parent(s) and seek answers to questions they may have.
Contact a Connecticut Estate Planning Lawyer
If you need assistance with any aspect of estate planning, whether for yourself or for an elderly parent, an experienced Canton estate planning attorney at the Law Office of Brian S. Karpe can assist you. Contact us today to learn more about the estate planning and elder law services we provide to clients in Canton and throughout Connecticut.
Source:
usatoday.com/story/money/personalfinance/2023/10/03/fewer-older-americans-are-writing-wills-planning-estates/70994383007/
