It is difficult to watch a parent struggle with daily life as they get older. We spend most of our lives looking up to them and benefiting from their experience. We forget that eventually, our parents may need us to take care of them. It is important to regularly review and update our estate planning so the people we trust can handle our financial and medical decisions when we cannot. If you are waiting for the day that your parents will come to you and say that they cannot take care of themselves, that day will likely not come.
Filing for guardianship can be time-consuming, costly, and requires a court proceeding. With updated estate planning most people will not need a guardianship. The need for guardianship arises when people who fail to do estate planning suffer from an illness that affects their ability to manage finances or their own personal care. Other circumstances that require guardianship arise when a parent needs to be protected from undue influence of strangers or family members.
There are other solutions to help protect assets such as adding a co-trustee to serve at the same time as an aging parent to help manage finances. There is not a one size fits all solution. We all want the best and most comfortable care for our parents because they have worked to take care of us. Let our office help you help them.
JensenBayles, LLP and Thomas J. Bayles have actively provided advice in the areas of trusts, wills, probate and tax planning in the St. George market for over 20 years. Please visit our web site www.JensenBayles.com or call 435-674-9718 and ask for Thomas J. Bayles. The information in this article is for educational purposes only and is not intended to be construed as legal advice. Please contact an attorney for legal advice specific to your situation.