Are you caught between the responsibilities of helping plan and care for aging parents while also supporting your children as they navigate college or their initial work lives? If so, you’re not alone! Parish Lentz, an estate and trust planning attorney, notes that many individuals in the sandwich generation are realizing the importance of having the right estate planning documents in place—especially powers of attorney and trusts. Parish explains why it is important and what you should do now.
Why Is This essential?
- For Your Parents: Ensure their wishes are respected and that you can make critical decisions if they can’t.
- For Your Children: Protect their future and make sure they’re cared for in case of an emergency.
- Avoid Probate Court: Using powers of attorney and trusts can avoid the delay, expense and public exposure and oversight of a Probate Court proceeding. Many hospitals and rehabilitation facilities will not admit patients without a health care and financial power of attorney. Patients without these documents must apply for a Guardianship in the Probate Court, sometimes on an emergency basis.
Take Action Now
- Start the Conversation: Talk to your parents about their wishes and the importance of having legal documents in order and establish which family members will be helping as their attorney/agent/trustee.
- Get Educated: Understand the difference between healthcare and financial powers of and how a trust could combine the benefits of the financial power of attorney and last will and testament, without going through Probate Court!
- Consult a Professional: Work with an estate planning attorney to create a plan that works for your family
Empower yourself and your loved ones by planning for the future.
Learn more about Parish and his practice https://bglaw.com/team/w-parish-lentz/
