If you have recently come to the realization that your parent’s are not as young as they used to be (perhaps one of them had a fall or has been diagnosed with an illness), you may also be starting to realize that it is important to start organizing their estate. Doing this with your ageing parents will ensure that they continue to receive the best possible care.
· Designate a point-of-call person who will handle your ageing parents’ health-related affairs. Ideally, this person will be chosen by your parents and should be a relative or close friend. You should also ensure that they designate a second point-of-call person for health-related matters, just in case the first person is unavailable.
· Help your parents to draft a living will, which ensures that health care professionals will follow their personal medical choices in the scenario that they can no longer speak for themselves (such as a terminal illness or a coma).
· Designate a point-of-call person who will handle your ageing parents’ financial-related affairs. Like the health point-of-call person, your parents should choose them. A financial adviser can assist you here.
· Meet with your siblings or other family members to discuss what will happen to your ageing parents when they can no longer make their own decisions. You should look into home nurses, aged care facilities and even private hospitals.
When it comes to organizing your ageing parents’ estate, you may find it beneficial to meet with a financial adviser, a lawyer and even a doctor before making a final decision. These people will be able to answer any questions that you may have about the process, as well as providing you with relevant and up to date advice.
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