Your Parents May Need Help with Estate Planning

Caregivers can give advice, but they should be wary of legal repercussions.

Many adult children have become caregivers for their elderly parents and that may include financial support because retirement can be very expensive, according to the San Diego Union Tribune in “Legal essentials for caregivers: Wills & trusts.”

Caregivers can easily learn the basics of estate planning documents.  However, there are a few problem areas to avoid. For example, any estate plan needs to be the parent’s estate plan.  Caregivers should be careful not to try to influence how the estate will be distributed between different family members. That can lead to potential legal problems for the estate down the road.

Another important thing for caregivers to understand is that they and their parents do not need to make an estate plan on their own. That is actually a really bad idea.

An estate planning attorney can advise you in working with your parents on creating a plan that fits your family’s unique situation.

Reference: San Diego Union-Tribune (April 24, 2018) “Legal essentials for caregivers: Wills & trusts.”