My Elderly Parent Does Not Have an Estate Plan—What Should We Do Now?
Unfortunately, many older adults lack a comprehensive estate plan. The AARP reports that 60 percent of adults and 30 percent of adults over 60 do not even have a will. If your elderly parent does not have an estate plan, it is imperative that you take action. It may not be too late to put an effective, well-rounded plan in place. Regardless, there are always options to protect your family. Here, our estate planning lawyer in New York highlights key steps you should take if your elderly parent does not have an adequate estate plan in place.
Step #1: Determine If Your Parent has Legal Capacity
Trying to create an estate plan for an elderly parent? The first step is to assess their legal capacity. You are never too old to create an estate plan—but you must have legal capacity to be eligible to do so in New York. In other words, your elderly parent can only create an estate plan if they still have legal capacity. If your parent(s) is capable, you can proceed with crafting an estate plan. If he or she no longer has legal capacity, you may need to find another option to protect their health, safety, and assets. In this situation, you may need to set up an adult guardianship.
Step #2: Develop a Plan for their Health Care Needs
As we age, our health care needs increase. You need to help your elderly parent(s) prepare for current/future health issues. Planning for health care is a critical component of estate planning for an elderly parent. Start by discussing and documenting their health care preferences. You may want to set up a living will and health care power of attorney (health care proxy).
Step #3: Take a Detailed Inventory of Property and Assets
You should create a comprehensive list of your parent’s property and assets. Doing so is a foundational estate planning step. Among other things, the inventory should include real estate, bank accounts, investments, life insurance policies, personal valuable items, and important sentimental property. Only when you document all of your parent’s property/assets will you be in the best position to handle them during the estate planning process.
Step #4: Work With a Lawyer Who Can Develop an Estate Plan
Estate planning is complicated—especially so if you are trying to solve problems for an aging/vulnerable parent. You do not have to figure out the entire process on your own. A well-crafted estate plan provides peace of mind knowing that your parents are protected. An experienced New York City estate planning lawyer can help.
Get Help From an Estate Planning Attorney in New York City
At Poulos LoPiccolo PC, our New York City estate planning lawyers provide proactive guidance and support to people and families. If you have any questions about estate planning for an elderly parent, please do not hesitate to contact us today. From our Manhattan office, our firm handles wills, trusts, and other estate planning matters throughout the region.
Source:
aarp.org/money/investing/info-2017/half-of-adults-do-not-have-wills.html
