Transitioning a parent into senior living is a significant step. Not only does it involve emotional and logistical changes, but it also presents an opportunity to ensure their estate planning is in place. Proper estate planning provides peace of mind for both parents and their families, protecting their assets, wishes, and legacy.
Here’s a helpful guide on what families in Texas should consider during this transition.
Key Estate Planning Documents to Have in Place
- Last Will and Testament: Designates how your parent’s assets will be distributed after they pass.
- Statutory Durable Power of Attorney (Financial): Allows a designated person to manage finances on their behalf.
- Medical Power of Attorney: Designates someone to make healthcare decisions if they become unable to do so.
- HIPAA Authorization: Grants access to medical records to specific individuals.
- Living Will: Outlines specific wishes regarding end-of-life medical care.
- Disposition of Remains: Clarifies preferences for burial or cremation.
- Designation of Guardian: Names a preferred guardian in case they become incapacitated.
Organize Important Documents
- Create an Asset Inventory: List all bank accounts, investments, properties, insurance policies, and valuable personal items.
- Organize Digital Information: Document online accounts, passwords, and social media wishes for digital legacy.
- Prepare a Family Communication Plan: Share the locations of important documents and the details of their estate plan with trusted family members.
Discuss Wishes and Preferences Openly
- Have Transparent Conversations: Talk to parents about their wishes for medical care, funeral arrangements, and asset distribution.
- Resolve Potential Family Disputes: Address any concerns among siblings or family members in advance.
- Encourage Regular Plan Updates: Estate plans should be reviewed periodically or after significant life changes.
