Will and estate planning are some of the tools that allow a person to manage and administer their assets and estate even after they turn incapacitated or die. A report by Forbes has revealed that half of Americans aged 55 and above don’t have a valid will. This is a serious issue as more and more baby boomers would be acquiring senior citizen status soon.
With the rise in the number of people dying without will or trust, the increase in legal issues for asset distribution is bound to happen. Suppose your parents are soon going to fall into the category of senior citizens, and they don’t have a will or living trust. In that case, you should start looking for an estate litigation lawyer online.
Through this blog, we will share some valuable tips that will help you assist your parents with their will and estate planning.
Talk to your seniors about the estate planning needs.
Planning for death is something we don’t give much emphasis to. However, one must remember that we are not immortal beings. Tomorrow is a gift, and not all are blessed to see the new daybreak. But putting off estate planning or will is only going to add to the complexities of estate distribution. By delaying estate planning and will creation, there are chances your parents might become too sick or incapacitated to create a will later. Generally, most basic will takes around a few weeks to complete.
There are various aspects associated with will and estate planning. A person has to keep a lot of things in mind before drawing a will. Your estate attorney Virginia may suggest you to consider the following things when creating a will;
- Who will be the primary beneficiaries of the assets after your passing away?
- Who will be the contingent beneficiaries if the primary beneficiaries are dead?
- Do they want to give a portion of their assets towards charity or non-profit?
Once you have the answers to these questions, it will become easier for you to draft a will and ensure your loved ones don’t struggle to divide your assets once you are gone.
The role of estate planning is not limited to the distribution and administration of assets and estate. It also serves a significant role in creating advanced healthcare directives and power of attorney.
If you are working with your parents on their will and estate planning, also consider creating an advanced healthcare directive. These documents are highly recommended for seniors suffering from medical conditions or more likely to become incapacitated to handle their medical needs and finances.
What Is An Advanced Healthcare Directive?
An advanced healthcare directive is also referred to as a Living Will. It is a legal document that contains the wishes and desires as to what kind of medical healthcare services they would want for themselves if something happens to them. The healthcare directive is taken into account when a person is incapable of making healthcare choices independently.
Whether your parents would want to be placed in a hospice setting or a life-saving machine, you should discuss their choices and get them legally documented. Once your parents have made the advanced healthcare directive, you should submit the file to your local hospital to ensure their wishes are honored in case of any medical emergency.…