Many adult children face a parent’s decline and a stay in hospice at the end of their life.https://goldguytrusts.com/elder-law/ Children are tasked with trying to prepare for their parents' passing. This includes how to handle their matters. Dealing with a dying parent's financial affairs can be a challenge. A recent Seniors Matter article entitled “How do I handle my father’s financial matters now that he’s in hospice?” says that caring for a sick family member is a challenging and emotional time. With all that is going on, it is easy to put financial considerations on the back burner. Nonetheless, it is important to address a few key issues.
If a family member is terminally ill or admitted to hospice – and if you are able to do so – it may be a good idea to start by helping to take inventory of your family member’s assets and liabilities. A clear idea of where their assets are and what they have is a great starting point to help you prepare and be in a better position to manage the estate. An inventory may include any and all of the following:
Next, find out what, if any, estate planning documents are in place. This may include a will, powers of attorney, trust and healthcare directive. You will need to find copies. Preparing for parents' passing is hard enough to do, but taking these steps can make the aftermath easier and less stressful.
Reference: Seniors Matter (Feb. 22, 2022) “How do I handle my father’s financial matters now that he’s in hospice?”