For most of us, holiday time means time spent with the family, and this may be just the opportunity to schedule some time to address important issues with your aging parents. While we don’t recommend bringing these concerns up around the holiday table, we do recommend setting time aside to calmly ask the following questions:
- Do you have an Estate Plan? An Estate Plan outlines your wishes of what to do with your finances and belongings after death. Regardless of how much money you have, an estate plan is necessary to ensure that your wishes are honored. You wouldn’t want your estranged sister to inherit your grandmother’s engagement ring over your daughter, would you? If these types of requests aren’t made clear in a Last Will and Testament, in Pennsylvania, the state will make these determinations for you.
- Do you have a Living Will and a Power of Attorney? A Living Will spells out the kinds of medical care and treatment you prefer should you become terminally ill and unable to communicate your wishes. Without it, your family may not know your preferences or, if they do know, they may not be able to implement your wishes. Durable Power of Attorney gives another trusted person the power to enforce actions on your behalf regarding financial and medical decisions, should the need arise. You will also want to ask about preferences regarding medical treatment.
- Do you have a plan for long term care? What will happen to your parents if they become ill or incapacitated? You will want to gauge their wishes and determine how they will pay for long term care, if necessary.
If the answers to any of these questions are NO, contact us today schedule an appointment to address these concerns.