Aging Parents: Establishing Legacies mes Adult children of elderly parents often worry about their ability to remain independent as they age, and take on the responsibility of helping their parent plan for the future – often including discussing money topics – but this conversation shouldn’t feel like an interrogation session but more like an open, friendly interview aimed at creating a plan your aging parent wants to follow.
Early conversations about illness or injury changes are essential, since family can never anticipate what changes might arise due to illness or injury. Even if your aging parent doesn’t want or require assistance, it is still important to monitor them for signs of diminished abilities and ensure they have access to local resources to seek assistance if they require it. If you live far away from them, have neighbors, friends, or relatives check-in regularly on them as a means of keeping tabs and reporting any concerns they might have.
On the financial front, it’s essential that you become acquainted with all of your parent’s current assets and how they could afford any potential care needs in the future. Furthermore, having a plan in place for after their passing – such as creating a living trust, power of attorney agreement or advanced medical directive can avoid confusion and disagreement among loved ones, saving time and money by bypassing probate proceedings.