22 Oct Estate Planning For Elderly Parents
We are living in very uncertain times. As an elderly parent, you may be worried about COVID-19, your health, your children, as well as what may happen to your loved ones after you pass away. Have you considered estate planning? Planning for your future is a necessity at every age! The older you get, the more you need to plan for your future. This article takes a look at the importance of estate planning for elderly parents.
Estate planning for elderly parents is essential.
As an elderly parent, you need to take note of the following when it comes to estate planning:
- Your estate consists of the assets and liabilities that you accumulate during your lifetime, and which you leave behind at your death.
- Estate planning needs to take into account your economic, social, financial and psychological needs in relation to your estate, yourself, your family, as well as your beneficiaries.
- Make sure that you have a last will and testament created. In your last will and testament, you can specify which of your loved ones will receive your assets after you die. Your will is one of the most essential tools in your estate plan.
- Do you already have an existing will? Make sure to review the last updated version of your will regularly.
- What happens if you die without having a valid last will and testament? If you pass away without executing a valid last will and testament, your estate is going to be dealt with as an intestate estate. The laws that relate to intestate succession will apply.
- Consider creating a living (inter vivos) trust. A living trust, created during your lifetime, can hold your assets in a trust for your benefit during your lifetime, even if you become disabled. Even after you pass away, your assets will be held in the trust for your beneficiaries. A Trust Specialist is able to assist you with creating your living trust.
Estate planning for elderly parents cannot be neglected. As a Trust Specialist, I can help you with creating an estate plan for your future. I am available to meet with you and discuss your unique estate planning requirements.
DR MERVIN MESSIAS
JD (Juris Doctor) / BA, LLB (Wits) / TEP (Trust & Estate Practitioner)
Schedule an appointment with my Executive Assistant, Jutleth Mkhonza. Email email@example.com or call +27 (0) 11 783 0108.