Your reluctance to speak with your parents about their estate plan is understandable. The conversation will bring up the unhappy subjects of death and dying. On top of this, many parents want privacy for their financial affairs. Despite emotional barriers, Georgia families can spare themselves from unexpected expenses and disputes when they communicate openly.
Threat of sudden incapacity
No one knows when a medical crisis or accident will occur. This is why people prepare powers of attorney to designate people to conduct their financial affairs or make medical decisions. Without a power of attorney, an emergency could force your family to go to court to obtain the right to make decisions for someone who has the lost the ability either temporarily or permanently.
Find out if the plan needs updating
Maybe your parents have an estate plan, but they set it up many years ago. They may have acquired more assets since then, or their documents need updating in other ways.
Understand your role
Parents typically choose a child to serve as executor of their estate when the time comes. If this is going to be your role, you need to know about it in advance. You may need to educate yourself about how to perform the duties. You may feel like you cannot commit to the role and want them to appoints someone else.
Long-term care planning
If you and your siblings know little of your parents’ financial status, the entire family may be ill prepared to deal with the cost of caring for aging parents. One or both of them may need to enter a nursing home or require you or a sibling to provide in-home care. Helping your parents put together a long-term care plan reduces unpredictability about the future.