You never really thought about your parents getting older, until one day your father had a sudden heart attack. He recovered, was put on medication, and went home fully recovered—but you know one day he won’t be so lucky. You keep thinking: what if he had slipped into a coma without leaving instructions on what to do—or worse, if he hadn’t survived the attack? Do you know what his wishes would have been?

How to Discuss Wills and End-of-Life Wishes With Elderly Relatives

Many families are reluctant to think about what might happen to their loved ones in an emergency, but as our relatives age, those emergencies become inevitable. The choices your parents make about their end-of-life care and finances will affect them while they live, and will affect your family long after—and while these conversations are necessary, it’s hard to bring them up without hurt feelings.

Consider these tips before asking a loved one about his will or end-of-life wishes:

• Pick a messenger. A parent may be more defensive when asked questions from his or her child than if a grandchild takes the first step. If the grandchildren are in their twenties or thirties, they may be able to ask their grandparents engaging questions that make them think about their future more critically.
• Change roles. Imagine your own children are asking you the sensitive questions you want answered. How would you want them to approach the subject? Would you be shocked or offended, or just feel threatened? Which one would you entrust with the details and execution of your will?
• Keep them in control. Many seniors feel that discussion of their property after death signals a loss of independence. Make sure they know that you respect their authority and that you will follow whatever directions you are given. You can reinforce their independence by asking their advice on your own affairs, including your own will and trusts, to let them know you are taking the same precautions.
• Tackle the topic piece by piece. The conversation may be a bit “out of the blue,” so don’t expect answers all at once. The best approach is to ask a few questions or talk briefly, then return to the subject when they have had a chance to make some decisions. It is up to you to continue the discussion, so revisit the timeline within a few weeks.

Although there may be some awkwardness at the beginning, many seniors and their family members feel better after discussing these topics because they have the comfort of knowing there is a plan in place. If you need help with your family’s estate planning or drafting a living will, there is help available. Call Ric Blackwell to provide you with competent and compassionate advice.

As you start to consider your estate planning options, you may have heard that a “living trust” could help you protect your assets. But what exactly is a trust, and how can it help protect you and your family’s assets?

What Is a Living Trust (and Who Should Get One)?

A “living trust” can refer to any trust that you create during your lifetime. You may also hear it referred to as an “inter vivos” trust.  The trust holds property or assets and is managed by a trustee, usually you (during your lifetime) or someone you have appointed. A trust is created with a notarized document that lists the property to be included, names of trustees, and the name of the person (called the beneficiary) who gets the property after death. Living trusts can be revocable or irrevocable.  Revocable living trusts can be amended or revoked by the originator of the trust (called the Grantor or Settlor) at any point during Grantor’s lifetime.

You may want to consider setting up a trust if you:

• Avoiding probate. The most common reason to create a trust is to avoid probate, which can be a lengthy and expensive process of transferring assets through the court. Property that is listed in a living trust can pass to beneficiaries without going through probate, but only if it meets certain requirements. An estate planning attorney can help you ensure that your assets will be transferred without probate.
• Have minor children. Minor children may not be able to directly inherit some kinds of property, but a trust will allow you to keep those assets secure until the child is old enough to receive them.
• Have a dependent with special needs. A Special Needs Trust Supplemental Needs Trust can provide your children, grandchildren, or other dependents with guaranteed resources after your death.  If properly structured by an experienced attorney, these types of trusts will have the added benefit of the income not counting against them when calculating any disability benefits.
• Want to leave a portion of your assets to charity. A revocable trust can establish a fund or donation that will go to an organization, foundation, or institution upon your death. While you may include such a provision in your will, a trust will ensure that the money is donated without being challenged or re-appropriated by family members.

Is a Living Trust more beneficial than a Will?

A living trust should be maintained during your lifetime in order to continue to be legally binding. However, the creation of a will may not exclude your assets from the costs of probate, does not provide for you if you become incapacitated, and does not offer irrefutable assistance for your loved ones like a trust can. To learn whether your spouse or family members could benefit from a revocable trust or other planning methods are beneficial for you, contact me!