Adults are expected to include parents in their estate plans. However, parents often sign the documents without understanding the entire legal process. Managing and distributing a person’s estate in Indiana is a collective agreement in most families.
Planning for mental/physical incapacitation
As your parents age, they develop mental or physical ailments more quickly than they can control. A single accident could land any of them in a mentally incapacitated or physically disabled state. To prepare for this event, many people obtain a power of attorney that states who makes decisions on the incapacitated person’s behalf. For your parent, this could be any person in a high position of trust from an adult child to a family friend.
Preparing tangible/intangible assets
Parents may not be interested in the formalities of estate planning until you discuss their most valued belongings. Even so, their antiques, jewelry or vehicles could end up with the wrong types of people. Planning helps to decide which family member or friend is entitled to their personal possessions.
Avoiding legal complications
Estate planning can be a simple process that does not involve going to court. It is a step-by-step process that starts with making a will or trust and deciding which assets to include. Estate planning allows older people to avoid complications later and simplify the process of distributing one’s assets after death.
Estate planning is an issue that becomes more apparent as parents grow older. They are more likely to get into an accident or suffer an illness that makes them unable to care for themselves. They also want more control over what happens to their physical assets after they die. If they have dependents, parents want to ensure that they are properly cared for, as well.