Making life easier for aging parents isn’t just about helping with daily tasks, it’s also about thoughtful planning for the inevitable. As our parents grow older, their needs often change. Planning for the future includes having a discussion with your parents about their estate. Having this conversation is key to ensuring that your parents can live their golden years without financial worries and that their wishes are carried out after their death. It also provides you with peace of mind, asset protection, and healthcare clarity.
Addressing these topics sooner rather than later benefits everyone involved and ensures greater peace of mind and preparedness for the future. This crucial dialogue should encompass plans for when one or both parents pass away as well as scenarios where they become incapacitated and unable to manage their own affairs.
When should parents create a Georgia Power of Attorney or give their children control of their healthcare decisions?
While your parents still have all of their mental faculties and are able to make decisions for themselves, you should begin to have these conversations.
The best time to have the conversation is when your parent is in decent physical health and good mental health so that they can include you in the decision-making and clearly express their true wishes. You may need to expedite the process if you start to notice your parent slowing down, forgetting names, or missing appointments.
If you wait too long and your parent is no longer able to articulate what they want, you may find yourself battling with your parent to protect them. You don’t want your last memories of your parent to be one where you are fighting with them or taking them to court in order to protect your aging parent.
How to start the conversation about estate planning without conflict?
Starting a conversation with your aging parents about estate planning is a sensitive and delicate subject which has to be approached with care and consideration to your parent’s personality, preferences, and fears. Many people fear that they will somehow manifest an early demise if they acknowledge that they are approaching their final days. We are fearful that if we dictate a will and final plans for after our death that somehow we might manifest it into happening sooner.
Adult children wonder “How do I talk to my parents about a will?” They often fear approaching the subject with their parents because they don’t want the parenting to think that they are greedy and only interested in an inheritance. They are confused and don’t know what to do if parents resist or avoid the topic.
We understand that these conversations are often sensitive and may require time for your aging parent to contemplate their options. Open the conversation by restating the parent’s estate planning goals and wishes that may have shared with you previously. Be prepared to bring up the topic more than once. Remind your parent about friends or family members who died with no will or trust and the hardship that it caused their loved ones.
Try to help without overstepping. Consider involving siblings and close family members to prevent future disputes. Remember that this is your parents’ estate that they have established and they are free to divide it as they deem appropriate, even if you disagree with some of their choices.
Be mindful that the thought of our own death is painful and scary. The human instinct to survive often causes us to push the thoughts out of our head.
While discussing your parents’ estate plan, be sure to confirm whether they have created a Georgia advance directive for health care and power of attorney. These important tools allow your parents to designate trusted individuals to make their medical and financial decisions on their behalf if they become unable to do so, ensuring their wishes are respected and reducing stress for the family.
How can I help my aging parents get their affairs in order in Georgia?
Encourage your parents to compile a list of their financial advisors, primary care doctors, specialists, banks, investment and retirement accounts, pension, social security details, and more. Even if your parents prefer not to share the list immediately, they can create it and let you know where to find the information if the need arises.
If you discover that your parents do not currently have a last will and testament, revocable living trust or both, it is highly important to encourage them to meet with a Georgia estate planning attorney as soon as possible to ensure their wishes are clearly documented and their assets are protected.
Death is certain for all of us. Don’t wait for a crisis to get your parents’ affairs in order. At Life Well Lived Law Group, we help Gwinnett County families and families throughout Metro Atlanta protect their loved ones with personalized estate planning solutions. We offer affordable costs, and payment plans for simple wills.
What happens if my elderly parent has no will in Georgia?
If your parent dies without a will in Georgia, not only will you be dealing with the devastating loss of losing the first person that held you and loved you, but you may also be dealing with fighting with family members and relatives about their alleged interest in your parents’ estate.
You won’t have a plan for dealing with creditors, the IRS, and final care and funeral expenses. If you die without a will in Georgia, you will be considered “intestate.” This means that the State of Georgia will force the heirs to participate in a process known as “probating the estate”.
If the estate is uncontested and nobody is making a claim for any assets, debts, or property most counties in Georgia will take six months to a year to complete the probate process. Certain counties however may take a year to two years, even for cases where there is no dispute.If the estate is contested, it may take years to get through the Georgia court proceedings. The costs of a contested Georgia probate case issimilar to having an expensive nasty divorce where you pay a large retainer down and replenish the minimum amount of funds that are maintained by the attorney to fight your case.
Probate is a public process, and your deceased loved ones’ financial information could be made public. This leaves heirs open to scammers and sharing financial details which would otherwise be private.
An estate that has to be probated must also pay fees. While some people attempt to navigate Georgia probate court on their own, it is easy to make mistakes on the forms which will cause the courts to reject the paperwork as deficient and result in even more delays with getting the estate closure finalized.
Without proper advanced estate planning, expect to experience frustrating government interference and longs delays in receiving your inheritances if your parent does not have a will in Georgia.
Trust v. Will
A will is an excellent starting point. Some people need both a will and a trust. If you want to keep your affairs private and avoid the probate process altogether, you will need a trust. In Georgia a will typically must go through probate court. A trust can allow you to avoid certain taxes that you are not protected against with a will alone.
A will only takes effect after your death. It outlines who will receive your assets and allows you to name guardians for your minor children. In contrast, a trust takes effect during your lifetime and continues after your death.
What are some common mistakes to avoid?
Avoid the most common mistake of waiting too long. Also do not assume that joint accounts and pay on death designations (POD) are enough. Also, with ChatGPT and the internet, many people are turning to Georgia DIY forms that may not be complaint with Georgia law or your specific Georgia county probate court requirements. Also, don’t avoid Medicaid and long-term care planning.
Many people also mistakenly believe that they are not rich enough to need a trust. If you are a property owner or have retirement or investment accounts, in addition to a will, you may need a trust. If you have minor children, they can’t receive inherited money before the age of 18. A trust safeguards their money until they are a certain age, which you determine. Both the will and trust are far more affordable then having to deal with a contested probate case after a parent dies with no will. Also, the will and the trust are both offered at a flat fee rate depending on your assets and is not the typical retainer with hourly rate fee system that you find in divorce, contested probate and many civil litigation cases.
Failing to put together an estate plan often leads to chaos, excessive costs, and unnecessary court involvement.
Getting Started
If you are caring for agent parents, contact Attorney Sharon Jackson at Life Well Lived estate planning law firm in Lawrenceville, Georgia at (678) 272-5785 for wills and trusts. We can provide your parents with guidance and advice on what options are available to them so that their wishes are followed upon their death.
