As the Baby Boomer generation heads into the golden age of retirement, they must face the reality that their own parents are quickly rising in age also. This not only means making hard decisions about end-of-life care but it also means the time has come to help their parents make formal Estate plans. Below are several tips to help make estate planning a bit easier:
Tip #1: Talk about it.
The first step, and sometimes the most difficult, is to have the conversation. Nobody wants to talk about death, but it is a fact of life. The more discussions that take place today, the easier it will be to finalize affairs once the inevitable occurs. Avoiding the conversation now will only make things more difficult in the long run.
Tip #2: Write it down.
Next, the children of elderly parents must ensure their parents have a Last Will and Testament or similar legal Estate document. Failure to complete this step could lead to a long, costly, and unpredictable Probate battle. They need to make sure they know where the document is physically (or digitally) located. The document should be reviewed with the parents to ensure everything is covered and that no updates need to be made.
Tip #3: Seek help.
Finally, children should not be afraid to seek formal legal help from a lawyer who specializes in Estates. Planning for the death of a loved one can be a confusing topic and it is important to get the details right. Bringing in an expert is money well spent.