(Newswire.net — May 17, 2023) —
As we age, it’s natural for parents of big families to start thinking about their future. But with the rising costs of care, it’s crucial to explore your options. Some might choose to relocate to a more affordable area or downsize their home once their kids have moved out. For others, cultural traditions dictate that kids take care of their parents in their golden years. Either way, open and honest communication is key when it comes to navigating this phase of life. If you’re in this boat, make sure to chat with your children about the following topics.
Who Will Get Power Of Attorney If Unable To Make Decisions
It’s crucial to have power of attorney in case you can’t make decisions for yourself. But be careful about sharing your medical information – in extreme cases, some children have obtained power of attorney from their mentally sound parents and then whisked them off to a nursing home. Keep minor details to yourself and your spouse, who would likely be your chosen power of attorney if they’re still around. Protect your rights and stay informed!
Dividing The Estate
Dividing the estate can be such a touchy subject as properties or assets can tear families apart. Working with an estate planning attorney can be so important along with informing those of what they will inherit. This can lead a family member to lose contact as unfortunately there are cases where people stick around later in life hoping for a piece of property from a family member. The other factor to consider is that you do not want a family divided due to how you divided the estate. The explanation for the division might not make everyone happy but it is your property and you can do what you want with it. Others keep their estate a secret for various reasons as they might have information that impacted their decision they do not want to share. A great estate planning attorney can help immensely with the division along with implementing it after your passing.
What To Do If Their Other Parent Is Alive
The truth is that a part of the estate agreement could be that the other parent could reside in their home until death. There are so many stipulations that can be put on properties that can protect your spouse. The tough aspect of this is that some might try to intimidate their aging parent into signing over the home. A lawyer that handles all of the estate-related matters is important as they should just be a call away. If agreements are being broken, the legal representative can take steps to remedy the situation legally. Most issues do not have to go to court as mediation can work them out but this is all very stressful without an attorney.
Talking to your children honestly about a number of things as you age and they are adults is important. You don’t want them blindsided with some of your decisions only to have this sour your relationship.