More adult children than ever are dealing with the consequences of watching an older loved one struggle with cognitive issues.
As a millennial, it’s easy to overlook the estate planning process as being something that’s top of mind for you but the pandemic has highlighted for many the importance of having proper estate planning documents whether it’s you who becomes incapacitated or whether you are looking ahead towards your parents.
An estate plan can involve detailing who would make decisions if a parent becomes incapacitated, in addition to determining who receives what assets and how to settle any debts associated with an estate. There’s information and documents that you need as a child to be able to help navigate your parents’ information through probate. Wills, for example, are an important component of settling the estate after a loved one passes away.
But other documents should be used by you and elderly parents while you are still alive. These include health care proxies, living wills and powers of attorney to designate a person to take over important and key responsibilities like financial transactions or medical decisions if and when you become unable to do so. You want this in place well in advance of an actual diagnosis or issue, particularly if Alzheimer’s or dementia runs in your family. It’s not enough to simply create this paperwork.
Key parties need to know where to find this information and that it is stored safely. A master document with passwords and other details around access should be established and shared with a loved one.
Have a loved one showing early signs of Alzheimers’ and want to start planning? Schedule a consult with an MA estate planning lawyer today.
