Guide to estate planning for your elderly parents part 3: Role of adult children
As adult children, one of the most important roles you can play in your parents’ estate planning is to be a supportive guide, not a decision-maker.
Learning from experience
As adult children, one of the most important roles you can play in your parents’ estate planning is to be a supportive guide, not a decision-maker.
When assisting elderly parents with estate planning, it’s important to ensure they have all the necessary documents in place to manage their assets and personal affairs according to their wishes.
Approaching your elderly parents about estate planning can feel like a delicate challenge, but it’s an important step in ensuring their wishes are respected and the family’s future is secure.
When people buy real estate, often it is with multiple owners, whether spouses, parents, children or other arrangements. With the rising price of houses, this is becoming more and more common.
A common bit of advice for people who are buying real estate is to make sure they get their will done. If you have a major asset, like property, you want to make sure you’ve planned what will happen to it.
As your parents get older, you may find yourself going from a position of receiving care and support from them to needing to care for them yourself.
Similar to how middle managers find themselves stuck between lower level employees and senior management, the so-called “sandwich generation” finds itself between aging parents and young families of their own.
Getting ready to welcome a new baby can be a whirlwind of excitement, planning, and, well, things to do.
Moving to a new country is always challenging. For newcomers to Canada, adjusting to new legal rules can pose its own challenge.
I talk to people about incapacity a lot. Often I will recommend they get a power of attorney and a representation agreement. This advice is pretty common online and elsewhere – and it’s good advice.