Estate planning is not just for the rich. In fact, despite the name, estate planning doesn’t even require someone to own an estate. Especially as family members age, estate planning can become increasingly important, and the guidance of a New York estate planning lawyer often proves invaluable.
When it comes to finances, experts strongly recommend that adult children begin the estate planning process as early as possible so that essential elements are not rushed and hurried at the last minute and aging relatives are able to relax and enjoy their golden years. A discussion about personal finances with loved ones can sometimes feel awkward, so common advice holds that — regardless of the budget involved – the help of an elder care and estate planning attorney is priceless. These types of attorneys have experience in helping families with aging members find cost-effective ways to plan for the future.
Another important aspect to consider is naming a specific friend or family member – or two – to help oversee the aging individual’s health care and finances, someone who can take charge of making important decisions in the event the elderly individual becomes unable to do so. This can be especially important for single, unmarried individuals, parents with adult children who don’t get along, or couples who have remarried and have a blended family. Official legal documentation naming the person or persons with financial and medical powers of attorney can be vital later on in the event of an unforeseen crisis.
The planning process is to be emotional, at least at some points, but that doesn’t make it any less urgent. In fact, the earlier estate planning for the elderly is done, the more successful it tends to be. A New York estate planning lawyer can help guide families or aging individuals through the often-complex procedure, helping to outline available resources and handling many of the financial aspects for a less-stressful process from beginning to end.
Source: news4jax.com, “How will you care for your aging parents?“, Joy Purdy, Aug. 22, 2017