Estate
Transitioning a parent into senior living is a significant step. It 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.
