Discuss the importance of estate planning with your parents

On Behalf of | Mar 16, 2022 | Estate Planning

Estate planning is never an easy subject to bring up to your parents. But as their adult child, you are often responsible for the legal problems that occur if a will is not prepared correctly. For families in Oregon, discussing the significance of this plan is important to reduce the stress and costs of not having a plan.

Discuss the unpredictability of aging and death

Creating an estate plan is about deciding what happens to a person’s belongings after death. Without a will, the risks of their property being stolen increase, and government officials can sell those belongings to pay the person’s debts. In addition, without a power of attorney, someone else decide what happens with a person’s health care before death. Without estate planning, life and death become more unpredictable.

Discuss the dangers of working

An elderly person who continues working past retirement age may not be thinking too much about retirement and estate planning. But despite their fruitful efforts, seniors are more likely to become ill or injured on the job and face health afflictions that could happen at any time. They are advised to plan their estates regardless of how healthy they are or how many years they work.

Choose primary providers

Parents have to select a list of individuals to represent their estate. It’s necessary to choose an executor or trustee and write down a list of beneficiaries to become part of the estate plan. It’s important to develop and update this list in case the senior becomes mentally or physically incapacitated.

Discuss your parents’ options

Remind your elderly parents that they’re getting older and could face serious issues every day. They should not be uncertain of what happens to their property upon their deaths. The adult children of aging parents should insist on the importance of planning for their estate.