Estate planning is an essential but frequently disregarded component of caring for our aging family members. This process, which encompasses the organization and allocation of an individual's estate during their lifetime, can be intimidating. However, it can be an easy and efficient process with strategic planning and open dialogue. With their inherent atmosphere of unity and love, holiday family gatherings present an excellent opportunity to initiate these important discussions.
BRMM Law shareholder, Danielle Mayoras, recently spoke with WDIV Local 4 News about this topic:
4 Tips to Get Started on an Estate Plan for Your Aging Loved One
Estate planning includes various elements such as wills, trusts, power of attorney, healthcare directives, and more. It's not just about distributing assets; it's about ensuring your loved one's wishes are respected and that their financial affairs are in order.
Before beginning your estate planning discussion, here are a few tips to get you started:
Encourage Your Loved One to Start Planning Early: The earlier you start estate planning, the better. Early planning allows your loved one to make decisions when they are still capable and reduces the stress of last-minute arrangements. It also provides ample time to consider all options, consult with professionals, and make thoughtful, informed decisions.
Offer to Help Your Loved One With the Process: Estate planning can be an uncomfortable process for your loved one, as it is primarily centered around the end of their life. By helping them, you can offer support and remind them that an estate plan allows them to fulfill their desires and wishes. Engage them in transparent conversations about their preferences, attentively listen to their concerns, and provide reassurance that this plan is designed for their ultimate benefit.
Seek Out Professional Help: Estate planning can be complex, especially when dealing with large estates or intricate family situations. That's why it's beneficial to seek professional help. Attorneys, financial advisors, and other professionals can provide valuable advice and guidance throughout the process. Take your time to find someone who understands your loved one's needs and can help you create a comprehensive, effective estate plan.
Regularly Review and Update the Estate Plan: An estate plan is not a "set it and forget it" document. Life changes such as marriage, divorce, the birth of a grandchild, or even significant financial changes can impact the plan's effectiveness. Regularly reviewing and updating the estate plan ensures it remains accurate and continues to reflect your loved one's wishes.
Estate planning for your aging loved one may seem overwhelming, but it doesn't have to be. By starting early, involving your loved one in the process, seeking professional help, and regularly reviewing the plan, you can ensure their wishes are respected and their affairs are in order.
Call the Estate Planning Attorneys at Barron, Rosenberg, Mayoras & Mayoras, P.C. Today
With over four decades of experience, Barron, Rosenberg, Mayoras & Mayoras, P.C. offers comprehensive estate planning services clients can trust. Our firm has a long-standing tradition of providing families with dedicated legal guidance. You can rely on our seasoned estate planning lawyers to help you and your family create a plan that meets your legal goals. Contact our attorneys today at (248) 213-9514 or online to schedule an appointment.