Encourage an Elderly Parent to Save Their Estate with Careful Planning
Making a plan for an estate is important to safeguard one’s assets and also these must be appropriately distributed. For most of the children, determining the needs of a disabled person appears to be a stressful task. As such, making a will becomes important while your parent is able to express their wishes. The procedure to encourage someone to start planning of their will might not be simple. Therefore, you may only get a sigh of relief once your loved one makes an estate plan.
Initiate the Process with These Simple Steps
The procedure of making an estate plan might be devastating at very first. On the other hand, if you approach this process by keeping the following simple in mind, it can make the complete estate planning process more manageable.
These are the steps that you must remember:
- Designate a power of attorney
- Once a power of attorney gets designated, the appointed will look into the parent’s assets and financial condition. This may be helpful as power of attorney will enable you to represent the parent.
- Power of attorney may be comprised in a living will. Also, a close family member may hold the power of attorney.
Some Facts That Avoids Planning Their Estate
Here are the facts because of which the elderly people avoid making an estate plan:
- Financial hardship
- They don’t want to face that they are near the end of their life
- They may become ill and are unable to write their will in time
- They don’t feel making a will is worth it
In case your loved one passes away without making a will, it may be quite challenging to divide their assets as they would have preferred. Their assets may otherwise undergo probate process by means of court that is very stressful and lengthy as well. Though, it is difficult to convince your loved one to make an estate plan, but on the contrary it is worth it.
Seek the Help of an Estate Planning Attorney
An experienced attorney may be useful in providing valuable information regarding how the procedure of distributing an estate may appear without a will application. Consider meeting with an Estate Planning Attorney in Wisconsin with your elderly loved one so that they understand how important making an estate plan is. The attorney might be capable of explaining the advantages of formulating a will. When you meet with an attorney, he or she will help you and your loved one in making a power of attorney.
Discussing about death the every single day might not seems to be comfortable, yet is essential to consider your estate and also plan it properly. Contact an experienced attorney and see how you can easily plan your estate for your family in the long run.
Contemplate hiring Estate Planning Attorneys in Wisconsin can help you in guiding through the estate planning process. We, at Elder Law Center of Wisconsin have experienced attorneys and they handle the legal and financial matters in a simple way. Also, the services offered by them are reasonable as well. Visit our website today for more details!