Aging parents and what they should do…
Children of aging parents are often faced with serious issues when dealing with older parents. It isn’t just negligence on their behalf that they don’t have sound Legal Planning. They often thing that everything is covered by what they did 10, 15, 20 or more years ago. But the Law has changed, Taxation has changed and no doubt your family circumstances have changed too.
And they don’t want to be a bother to their children.
Few people review their Legal Planning as often as they should do – we recommend a brief review at least every other year. Members of our Peace of Mind Service are reminded to do so every year, and given a checklist, and updates on the Law and Tax which may be relevant. The Helpline comes at no extra cost.
Aging parents should make sure for their own protection that they have sound Legal Planning in place.
Most want to decide where their assets go, and to avoid Social Services being in charge (rather than their spouse or children) if they should lose the ability
Trusts should form a part of that planning in many cases – look around this site. Should my aging parents put their home in trust is a question we are often asked.
Lasting Powers of Attorney – both types of Lasting Power of Attorney (Health and Welfare AND Property and Financial Affairs are essential.)
We can help you with all of these things, and we can explain the reasons why – so please get in touch. We also have a one page Guide to Legal Planning if that would be helpful.