Estate Planning - Generation Forward
Estate plans: not only about money.
When a parent gets sick
It can be stressful, especially if they need to be hospitalized for an extended period of time. This becomes more challenging if their situation becomes critical and are unable to voice their healthcare or financial wishes. If a parent doesn't have a healthcare directive or power of attorney, the loved ones are left to make decisions themselves. This can cause conflict among siblings if they are unable to agree on a decision. In some circumstances they have taken each other to court to fight for their side.
Avoid the stress and conflict
Encourage parents and family members to create an advance healthcare directive and a power of attorney established.
- An advance healthcare directive specifies your wishes for medical treatment, and allows you to appoint someone to carry out your wishes if there is ever a time when you are not able to communicate your wishes.
- A power of attorney allows you to appoint someone to look after your financial affairs such as your property when you are in the hospital.