3 Estate Planning Documents Your Parents Need Right Now
Today, we’re diving into a topic that is absolutely crucial: estate planning for your parents. As they gracefully navigate their golden years, ensuring their peace of mind (and yours!) becomes a top priority. Whether they raised you the way you want or showed you how you want to do it differently, one of the best things you can do for your future and that of your entire lineage is to take great care of your parents.
General Power of Attorney (POA)
A General Power of Attorney (POA) grants a person you name (often a family member or trusted friend) the authority to manage your financial affairs if you become unable to do so yourself. From handling bills to making investment decisions, the General POA ensures that your financial matters are handled, whether you’re experiencing a temporary illness or a long-term inability to manage your money, such as in the case of memory problems.
Power of Attorney for Healthcare and Living Will (Advance Health Care Directive)
It’s possible your parents already lean on you for guidance with their healthcare decisions, or they might not share details of their healthcare with you at all. Regardless, the question of what will happen to their healthcare needs if they become seriously ill can feel overwhelming.
Thankfully, a Power of Attorney for Healthcare and Living Will (known as an Advance Health Care Directive) allows your parents to explain their medical wishes, guiding medical providers and family members on what treatments and life-saving measures they’d like, even in the toughest times. The Power of Attorney for Healthcare designates someone to make medical decisions on behalf of your parents if they cannot. Meanwhile, the Living Will outlines your parents’ wishes regarding life-sustaining treatments if they’re unable to communicate.
HIPAA Waiver
In the digital age, privacy is paramount – but what happens when privacy becomes a barrier to essential healthcare-related communication? Enter the HIPAA Waiver, the ultimate tool for opening communication roadblocks in times of need. By signing a HIPAA Waiver, your parents authorize specific individuals to access their medical information and speak directly to their medical providers, ensuring seamless communication and informed decision-making.
How to Bring Up Estate Planning With Your Parents
The best way to bring up estate planning with your parents is to get your own planning handled first. Then, let your parents know that in the process of handling your own planning, your lawyer raised the question of whether you were an agent under anyone else’s power of attorney or named as a successor Trustee in your parents’ Trust.
Why the Urgency?
You might be thinking, “Why the rush? Can’t we tackle this later?” Life is unpredictable, and procrastination can be a costly gamble. Waiting until a crisis strikes to get these tools in place can lead to legal and emotional chaos, leaving your parents’ wishes unfulfilled and their affairs in disarray.
By proactively planning ahead, you’re not just checking items off a to-do list – you’re investing in your parents’ peace of mind and yours. Don’t wait for a storm to hit – schedule a 15-minute call today to learn how our unique Life & Legacy Planning process is designed with your family’s well-being in mind, offering personalized guidance and support every step of the way.
