For many parents, it can be difficult to think about how their children will have to take care of them in their old age—and how they will have to pick up the pieces once they pass away. Because of this, many parents will avoid including their children in the estate planning process or, worse, not take any estate planning measures at all. While the initial goal may have been to avoid burdening their children, not creating an estate plan can have the opposite effect. Below are some tips and information that individuals should take now to prevent uncomfortable situations—often that their children will have to handle—in the future.
Create a Will
One of the most important estate planning steps is to create a will. Having a will in place dictates how a person’s assets are to be distributed. If a person does not have a will and they pass away, their assets will go to probate court where a judge will decide who will receive the items in the estate. This process can take months or years and is often difficult for loved ones to handle and manage during an already emotionally fraught time. Similarly, having a will in place reduces the stress that loved ones face of knowing whether the assets are going to the person the deceased would have wanted.
Implementing a Power of Attorney
Talking with loved ones about who will serve as a power of attorney can reduce future family infighting and worries when a loved one becomes ill or incapacitated. A healthcare proxy makes decisions on another person’s behalf when they become physically or mentally incapacitated and thus cannot make these choices for themselves. Many parents do not want their children to have to make these decisions; however, many children would rather be in charge of their parent’s medical decisions than see an uninterested party make them—or worse, have no one who is able to make these decisions at all.
Additionally, these documents will often require individuals to specify what treatment they would like to receive and what measures should be taken if they become critically ill. This can ensure the designated healthcare proxy that they are making decisions that align with their loved one’s wishes.
It is understandable that people do not want to think about burdening their loved ones in their old age; however, creating an estate plan now can reduce the stress and last-minute decisions loved ones will have to make on the person’s behalf. Experienced estate planning attorneys can help and make the estate planning process even easier.
Contact a Houston Estate Planning Attorney
If you or a loved one needs assistance creating an estate plan, reach out to the experienced Houston estate planning attorneys at McCulloch & Miller, PLLC. We help individuals beginning the estate planning process, as well advise clients who are interested in making changes to their current estate plan. This includes creating wills, retirement planning, tax planning, and trust creation. To schedule a free, initial consultation and to speak with one of our knowledgeable attorneys, give us a call today at 713-333-8900.