Adult children may one day need to provide care for their aging parents. This may include helping them downsize their home and assist with complex legal matters. It’s frequently an overwhelming and emotional process that is filled with tough decisions.
For some, that process begins when an adult child and parent decide that she needs to move in with the adult child and his family. In its recent article, “Helping an elderly parent downsize,” The Best of New Orleans reports that a senior’s active lifestyle can often stop with a serious fall requiring hospitalization.
There are also legal issues associated with becoming a parent's caretaker. It’s important to obtain power of attorney (POA) documents to make an adult child or other trusted person the primary decision maker for a parent's medical and financial matters.
Those in this type of situation would benefit from calling an estate planning attorney.
Estate planning concerns handling people's estates after they pass away. Estate planning attorneys work with executors in dealing with the affairs of the deceased and distributing assets to heirs.
A POA states who will act on the person's behalf, when he or she is incapacitated or simply needs assistance in handling certain affairs. The power of attorney can apply to financial or medical matters (or both). A living will tells your family and the medical staff what your wishes are regarding end-of-life medical issues.
When someone dies, going through their lifetime of belongings is an overwhelming and emotional major task. It's hard to make progress with items of sentimental value and family heirlooms.
Some will distribute furniture and other belongings among grandchildren. For others, an estate sale ensures a second life for those objects—and can bring in some money. Many people are happy knowing that the personal items they’ve treasured through the years are going to good homes.
Reference: The Best of New Orleans (October 30, 2017) “Helping an elderly parent downsize”
If you would like more information, or would like help with your Estate Plan, give our office a call for a free consultation, 801.438.7120!