Many adult children only grasp the importance of estate planning when they are tasked with helping an aging parent prepare for the next stage of their life. A recent article appearing in AOL, “I helped my 86-year-old dad plan his estate. It changed how I see my life,” is an example of this situation.
A diagnosis of early-stage dementia led one daughter to have a Will and an asset protection trust set up for her family when she learned how easily a home and assets can be lost when someone hasn’t done any estate planning and needs to apply for Medicaid. Her father didn’t have enough assets to cover the cost of long-term care, and the new diagnosis made it likely he would need to move from his home to a nursing facility. As the family went through the planning process, setting up a Will, Healthcare Power of Attorney and Durable Financial Power of Attorney, the daughter realized her own family needed estate planning protection.
The daughter had never considered the protection her own family needed—her husband and a young son. She didn’t have a Healthcare Power of Attorney to allow the couple to make healthcare decisions for each other in case they are unable to do so for themselves. They didn’t have Durable Financial Powers of Attorney for each other in case one needed to make financial decisions for the other. They also didn’t have HIPAA authorizations allowing the other spouse to be involved in health insurance matters.
The couple, who had been married for nearly 15 years and had already faced one health crisis, had never talked about what would happen if one of them died. They needed to have a Will naming a guardian for their minor son. If one parent died, the other would automatically be the child’s guardian. However, if both died at the same time and there was no Will naming a guardian, a court would decide who would raise their child.
The couple also set up a testamentary trust to benefit their son and specified the terms for when he would inherit any assets placed in the trust. They also named a trustee to oversee the trust and used their Will to name an Executor, so someone they trusted would oversee administering their estate.
These conversations can be difficult. However, without specific, legally-proper instructions for assets, families face unnecessary challenges during an already stressful time. Failing to have instructions via Powers of Attorney and Advance Directives/Living Wills for end-of-life care can put the family in a heartbreaking position of making life or death decisions in the middle of a crisis without knowing what you would have wanted.
Taking care of her own family and her father has given the daughter, her father and her family great peace of mind. Doing the work to ensure wishes are respected and loved ones are protected is well worth the time, effort and occasional tears.
Reference: AOL (April 15, 2026) “I helped my 86-year old dad plan his estate. It changed how I see my life”
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