If you are planning on retirement, you might consider possible upcoming challenges.
Some fundamental legal documents need to be drafted as you look toward retirement and the golden years, according to Gambit in “The legal needs of aging parents.”
Among the key challenges for people planning on retirement is the need to save money, learn about Social Security and Medicare and plan on where they want to live.
However, planning for retirement is not quite done until an estate planning attorney is consulted.
Parents need to think about the legal ability of their children to take over for them, when necessary.
For example, the children need to be able to handle the parents’ finances and make medical decisions for the parents, if necessary.
Preparing for that goes beyond just making sure a child has the knowledge to do those things. The child also needs the legal authority.
That is where a visit to an estate planning attorney comes in to at least prepare a power of attorney and a health care proxy to give your children the legal authority to handle your finances and make medical decisions.
Reference: Gambit (Oct. 30, 2017) “The legal needs of aging parents.”