On this episode of the podcast, McNulty Law lawyer Shannon McNulty educates us on the important topic of how to help your parents get their estate planning documents in place. When you’re a parent of young children, you’re likely thinking about getting your own estate plans in order. That’s important, and this is also a great time to use this planning as a jumping off point to have a conversation with your own parents about their plans.
Estate Planning is Critical to Protect Your Parents
When it comes to later in life, you want your parents to be protected. This protection isn’t just about their assets (though yes, those are very important!), but it’s also about their health and medical wishes in the event that they need long-term care or become incapacitated.
Shannon shares what your parents will likely want to consider when doing their estate plans and some of the nuances that they’ll need to consider. She also shares some of the differences that exist when your parents live outside of the US.
Starting the Conversation with Your Parents
Though this is a sensitive subject for various reasons, it’s an important conversation to start. Even if your parents or in-laws don’t want to share specific details about the plan, at the very least you want to know that they have spoken to a lawyer, and possibly a financial planner, that their documents are in place and executed, and that you know who to contact when needed. In an ideal world, you can be clear on more of the finer details so that there are no surprises or additional stress in the event you need to take action on your parents’ estate plans.
Resources mentioned
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