money talks
Help Make Life Decisions
Encourage your parents to make provisions for their future needs. They may wish to set up a “durable power of attorney” for their property. What does this document do?
- It allows you (or whoever is appointed) to make financial decisions for them if they become incapacitated.
- It lists their heirs and the property they will receive.
- It describes how they prefer to have their medical treatment handled if they are close to death.
“A” is correct. Your parents may also wish to create a durable power of attorney for their healthcare and sign an advanced directive describing how they wish to have their medical treatment carried out. If a parent suddenly becomes ill, these will save your family money and emotional stress -- not to mention the inconvenience of a court intervention. An attorney with estate planning experience can also help them set up wills or living trusts, prepare essential documents, and show them how to reduce their estate taxes.