Parents are used to taking care of their children. So, it can often be a struggle when the roles begin to flip as children become adults and parents grow older. Though it may sometimes be a difficult conversation to broach, being aware of our parents’ end of life plans and helping them consider what other planning is left to do is an important process.
To make sure your parents’ wishes are carried out when they are gone, you will want to express an interest in any end of life plans that they may have already made. Discussing this possibly sensitive information may not be easy but broaching the subject is important. Ask them what sort of end of life planning they have done in a natural and organic way. You can maybe even start by telling them some of your own end of life plans so that everyone feels more comfortable speaking about these things with each other.
It is critical to realize that these conversations should revolve around more than just the future transfer of assets. What is the plan of action if your parents start to struggle with day-to-day activities or need long-term care for any number of reasons? Will they need family and friends to take over their care? Or would an assisted-living community be a better option? On top of that, do your parents have the funds to cover the care they may need? The answers to these questions affect the entire family which is why it is important to go over possible scenarios ahead of time and create the appropriate end of life plans that fit your individual situations. Planning ahead can relieve stress and help everyone transition more smoothly throughout the different stages of life.
If you are unsure of what other end of life plans you and your family should consider, now is the time to consult an estate planning professional. Reach out to Horn & Johnsen today to learn more by visiting: https://hornjohnsen.com/contact-us/