When parents are about to retire, they need to think about more than just finances and healthcare. They also need to have legal documents prepared, so that their children can help them when necessary.
Planning for retirement can be challenging.
People usually need to save a lot of money before they consider retiring. When that is done, they need to apply for Social Security and Medicare.
At the same time, these same people need to make arrangements for where they want to live during retirement, if they do not want to stay in the same place.
Many people seek their children’s assistance for some of these decisions. They assume that if anything else is needed when they retire, then their children will be able to help them.
However, planning for retirement is not quite done until an estate planning attorney is consulted.
Some fundamental legal documents need to be drafted as Gambit points out in “The legal needs of aging parents.”
Parents need to think about the legal ability of their children to take over for them, when necessary.
For example, the children need to be able to handle the parents’ finances and make medical decisions for the parents, if necessary.
Preparing for that goes beyond just making sure a child has the knowledge to do those things. The child also needs the legal authority.
That is where a visit to an estate planning attorney comes in.
The attorney can draw up a general durable power of attorney to give a child the legal authority to handle the finances, when necessary. The attorney can also draw up a health care power of attorney to give a child the legal authority to make medical decisions, when necessary.
Reference: Gambit (Oct. 30, 2017) “The legal needs of aging parents.”
