IMPORTANCE OF ESTATE PLANNING FOR ELDERS
June 15, 2020
Published by: Charlotte-Anne T. Alexander
If you have elder law questions or need assistance with estate planning, contact Charlotte-Anne Alexander with Colombo Kitchin Attorneys at 252-321-2020.
Elder law attorneys routinely help families with the many legal and logistical entanglements when loved ones lose the ability to manage their own financial affairs or otherwise need to hand over responsibilities. Too often, we elder law attorneys work with families when there is a crisis, for instance, when someone is admitted to a hospital or when caring for a loved one has become overwhelming and finances are in jeopardy. While many people are hesitant to consider that, one day, they might not be able to manage their own financial needs, the failure to make plans can be financially devastating and incredibly stressful for loved ones, minimizing some helpful options. Estate planning should be a basic, smart part of everyone’s plan for their future. Working with an experienced elder law attorney to create legally correct documents that reflect your personal wishes not only gives you peace of mind but can be a tremendous help to the loved ones who must manage your financial affairs when and if you cannot. The following Wall Street Journal article nicely illustrates, in real-life terms, why families need to have clear communication about finances and work with their attorneys to ensure that all necessary legal documents are completed before there is a crisis. As the saying goes, an ounce of prevention really is worth a pound of cure.