Helping aging parents in New York get organized with estate planning can feel overwhelming. Beyond just discussing it, there’s the important task of gathering pertinent documents, understanding their wishes and making sure everything is in order.
If you’re looking for a clear, practical way to support and walk your parents through this process, here are some key steps to help get organized.
Start by gathering important documents
The bulk of the work in estate planning is knowing what documents your parents have and where they are. These documents include the following:
- Bank accounts, investment statements and retirement plans
- Life insurance policies
- Property deeds and mortgage information
- Existing wills, trusts or power of attorney
- Contacts for financial advisors, attorneys and accountants
Helping your parents find and organize these papers creates a solid foundation for the succeeding steps.
Clarify their wishes for property and assets
Once you have successfully gathered the documents, it’s critical to understand your parent’s wishes. Do they want to leave certain assets to specific family members? Are there special considerations, like a family business or items with sentimental value?
Writing down these preferences reduces the chance of messy family disagreements later.
Don’t overlook healthcare planning
Estate planning isn’t just about assets. Medical decisions matter too. Documents like health care proxies and living wills allow your parents to choose who can make decisions about their care if they can’t do so themselves.
Encouraging your parents to complete these forms is an important part of planning for the future.
Know when to seek professional help
Some aspects of estate planning can be complicated, depending on your parents’ wishes and their estate. Trusts, advanced healthcare planning or tax implications are areas where legal support can be valuable.
If you or your parents are unsure about any part of the process, consulting with a legal professional can provide clarity and peace of mind.
Take it one step at a time
Organizing an estate plan can feel like a major task, but it doesn’t have to happen all at once. If you break it down into manageable pieces and move at your parents’ pace, it can make the process less stressful for everyone.
Finally, helping your parents organize their estate plan is a practical way to protect and respect their wishes and support their future. It is an act of care, not just for them but for everyone in the family.
