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Talking about estate planning with aging parents

On Behalf of | Jan 13, 2021 | Estate Planning

Discussing delicate matters with one’s parents can be difficult, especially when it comes to things like finances and aging. However, failing to discuss estate planning can lead to problems in the future. When feeling hesitant about moving forward with this conversation, Texas residents may find it helpful to keep some of the following in mind.

Estate planning is about much more than just leaving inheritances. A well-rounded estate plan also includes other documents, such as a living will and powers of attorney. These documents are intended to guide financial and medical decision making on the creator’s behalf when he or she is unable to do so. Having designated individuals handling a parent’s finances and health can help ensure that his or her final days are not filled with chaos or confusion.

Broaching this topic might not be easy, though. Depending on one’s family situation, it might be best to first feel out the situation by asking a parent’s advice regarding a power of attorney or a living will. A parent might then divulge the details of his or her estate, or may instead reveal that he or she does not have anything of the kind. Others find that a more direct approach is best suited to their familial situation.

While it is important to discuss a parent’s estate when possible, it is equally important to have one’s own plan. Estate planning is not limited by age, income or how many assets one owns. Those who are unsure of how to address this topic with their parents or how to start on their own estate plans may be well advised to seek counsel from an experienced Texas attorney.