Discussing Estate Planning With An Elderly Loved One Can Be Difficult
It is not uncommon for a Putnam County parent to resist discussing estate planning with their children, either because they are unwilling to accept help on that issue, or because they are afraid of confronting it at all. However, it is crucial for older people, particularly those with children and other loved ones, to have a plan for asset protection and their estate overall. If you have all the information you need at your fingertips, it can help your parent or parents feel more at ease in discussing these matters.
Why Plan My Estate?
The major reason that every older person – arguably, every single person – should have an estate plan by a certain point in their lives is to protect their autonomy as well as their assets. Without legal protections, an older person may wind up at the mercy of the state, particularly if they have little to no family. Their assets will be granted to beneficiaries according to intestacy laws, and their healthcare may not be administered in the way they prefer.
It can feel overwhelming for a person to have to confront issues involving mortality and potential disability. However, a failure to do so means that no record of that person’s wishes exists, either for their medical care or the disposition of their assets – and in an age where financial scams are all too common, it is crucial that a record be available. The right attorney can help ensure that your parent or parents are protected.
Which Documents Are Necessary?
If you are able to convince your parents of the need for asset protection, there are certain documents that everyone, regardless of their specific situation, should have. In addition to a standard Last Will & Testament, it is often a good idea to establish what is known as a revocable trust for your parents – with this legal instrument, a person or couple’s assets may be placed into the trust, which effectively removes them from the probate estate and from the assets Medicaid may use to evaluate eligibility for long-term care.
In addition, it is often a good idea for an older person to execute some kind of healthcare proxy – this document allows a chosen advocate to make the executor’s wishes known and to forbid doctors or other actors from making different choices. For example, if a person is opposed to artificial lifesaving care, and they communicate this in writing, their healthcare proxy can make certain that no such care is used if that person becomes incapacitated.
Contact A Mahopac Estate Planning Attorney
No one wants to have discussions about estate planning or other elder law issues until there is no choice, but it is always better to have a plan in place early. A Mahopac estate planning attorney from Meyer & Spencer, PC can help you and your family determine the best options for your specific situation. Contact our office at (845) 628-0009 to schedule a consultation.
Source:
nycourts.gov/courthelp/WhenSomeoneDies/intestacy.shtml
