If you are a caregiver for an elderly parent, you might need to assist them in planning for their estate, if they have not already done so.
Many Americans find themselves in precarious financial situations after they retire. At some point, they are no longer able to take care of themselves physically to some degree. They also begin running out of money. Why? Retirement was more expensive than they thought.
This has led to many adult children providing care for their elderly parents. While most are willing to do so, these caregivers often find themselves having to help their parents out with unexpected matters, like estate planning.
This topic was taken up by the San Diego Union Tribune in “Legal essentials for caregivers: Wills & trusts.”
Caregivers can easily learn the basics of estate planning documents. However, there are a few problem areas to avoid. For example, any estate plan needs to be the parent’s estate plan. Caregivers should be careful not to try to influence how the estate will be distributed between different family members. That can lead to potential legal problems for the estate down the road.
Another important thing for caregivers to understand, is that they and their parents do not need to make an estate plan on their own. That is actually a really bad idea. An estate planning attorney should be hired to assist in the process.
Reference: San Diego Union-Tribune (April 24, 2018) “Legal essentials for caregivers: Wills & trusts.”