Estate planning for aging parents in Spokane, Washington, can come with many challenges for adult children. Although helping your parents with estate planning is essential for the future, this can often feel like an overwhelming and emotional process. If your parents haven’t created an estate plan already, now is the time to help them do so, ideally with the help of an elder law attorney in Spokane Valley.
Key Legal Documents Aging Parents Should Have
When it comes to adult children and estate planning, you may be starting from scratch if your parents haven’t been proactive. If this is the case, you need an aging parent legal checklist that includes all of the necessary documents of an estate plan.
Although it can feel overwhelming, it is essential that you have all of the right documents to cover things like healthcare, power of attorney, assets, debt, etc. Having everything in place in a legal way ensures your parents’ last wishes will be upheld and their estate secure for the future.
Here are the key legal documents you should have in place for your aging parents:
- Will or revocable living trust: Both a will and a revocable living trust allow the creator to leave certain assets to a named beneficiary or have someone else’s name on the trust. The difference between these documents is that a will is designed for asset division and guardianship, while a revocable living trust can help you avoid probate and provides more privacy.
- Durable power of attorney: Designating a power of attorney for elderly parents is incredibly important for adult children. This document establishes an agent who will make decisions for the parent if they become incapacitated physically or mentally.
- Healthcare power of attorney: Similar to a general power of attorney, a healthcare directive in Washington state or healthcare power of attorney establishes a healthcare agent to make healthcare related decisions for the owner of the estate.
- Advanced healthcare directive: Another important estate planning document is an advanced healthcare directive. This document allows your aging parent to provide instructions regarding their healthcare preferences, including things like end-of-life-care, diagnosis testing, surgical procedures, and organ donation.
Keep in mind that the types of legal documents that your parents need will be very dependent on the situation and their goals. For example, if you and your parents wish to avoid probate, you will need to establish the right trusts, ensuring everything is done according to Washington estate planning law.
Common Challenges Adult Children Face
Estate planning for aging parents can be very challenging, depending on the circumstances and how open your parents are to doing this. Especially when your parents haven’t created an estate plan themselves, they may feel very resistant to planning for the future.
Your parents may feel as though it is morbid to think about what happens after they have passed away. Or there may be some complex family dynamics that make it difficult to have an open conversation about the future.
Estate planning requires extensive documentation and information, which can also pose challenges for adult children. You may have a difficult time finding the information you need, especially if your parents are much older and haven’t organized everything ahead of time.
No matter what challenges you may face, it is strongly recommended that you get the help of an estate planning attorney in Spokane, Washington. An attorney will be more familiar with what is needed and can help you create a legally binding estate plan that is in line with your parents’ wishes.
Tips for Starting the Conversation with Parents
Now that you know what estate planning documents you should focus on for your parents, how do you start the conversation? No one likes to talk about what comes next after a loved one has passed away, but this is an important conversation to have.
Here are some tips on how you can broach the subject so that your parents are more receptive to the idea of starting an estate plan:
- Time it right: The most important thing to remember when bringing up the subject of an estate plan is timing it correctly. Don’t wait until an emergency happens to bring this up, as this can create unnecessary feelings of urgency.
- Have the right focus: Having a conversation about estate planning should not focus on the death of a loved one. Rather, you should center the conversation on providing protection for your parents and peace of mind regarding their future.
- Make it simple: Before you bring up estate planning to your parents, you should do your research ahead of time so that you know what documents are needed. By doing this, you can make the process very simple and straightforward so that it creates as little stress for your parents as possible.
Get in Touch With an Elder Law Attorney Today
If you want to get started with family estate planning in Spokane, reach out to an estate planning attorney at Legacy Law Group in Spokane, WA. Contact us today at 509-315-8087 to speak with one of our attorneys to get the process started.
FAQs
Do my parents need a will if they already have a trust?
Yes, a pour-over will is often used in combination with a trust as a way of capturing assets and outlining where they will go if they haven’t been included in your parents’ trust.
What happens if my parents become incapacitated without a power of attorney?
Without a power of attorney, it is very likely that you will have to go through guardianship proceedings so that you can be established as your parents’ legal guardian. When compared to having a power of attorney, this is much more time-consuming and expensive.
Can I help my parents plan without being seen as taking control?
Yes, it is possible to help your parents with an estate plan without it coming across as controlling. The important thing to remember is that this needs to be an open conversation where their wishes are at the forefront. For more complex family dynamics, you may also want to get the help of a mediator, attorney, or other family members when having this discussion.
