IS IT SUITABLE TO CONFER WITH HEALTHY PARENTS ABOUT ESTATE PLANNING?

When something goes wrong, people frequently consider estate planning. For instance, an affected loved one might begin making plans for their death after being diagnosed with cancer.

End-of-life planning encompasses not only estate preparation but also advance care planning. When you make advance care plans for your parents, you take steps in advance in case they become mentally or physically incapacitated, making them unable to make their own decisions.

It is imperative to talk to your parents about their preferences if these things happen while they are still healthy because if they are disabled, they may be unable to express their wishes. Delaying this conversation may be too late.

Nonetheless, it may be best to talk to your parents about estate planning while they are still in good health.

For long-term legal arrangements, seek the advice of a resourceful and competent New Jersey estate planning lawyer.

Why It’s Important?

Knowing what your parents want isn't enough to prepare for these unforeseen scenarios. It also entails having a set of legal documents known as "advance directives" that can speak for your parents if they cannot do so.

The doctor may not be able to speak with you about your parents' condition in the absence of advance directives, putting your parents in a bind financially and preventing them from receiving the treatment they would have wanted.

These are the essential paperwork your parents should have to avoid this. The following are some standard documents that your parents should have:

1. A Living Will

Living wills are legal documents that specify your wishes regarding the use of life-sustaining treatment if you become permanently unconscious or terminally ill.

2. An Enduring Power of Attorney

A power of attorney (POA) permits a person to act as your "attorney-in-fact" and make decisions on your behalf. POAs can be "special" or "limited," meaning they can be used for a specific purpose, such as permitting a spouse to buy a house in your name and sign the deed, or they can be "generic," granting the attorney-in-fact all of the powers you would have if you were there.

3. A Health Care Power of Attorney
 

Having a durable power of attorney for health care means that if you become incapable of making healthcare decisions, another person can act on your behalf.

4. Anatomical Gifts Provisions

In some states, living wills must include provisions for anatomical gifts (or organ donation). Most forms ask about your donation status after renewing your driver's license.