Legal planning for aging parents may feel overwhelming, but it doesn’t have to be. With the right steps, you can protect your family and avoid future stress.
At Edwards Group, we walk with families every day who are trying to make the best legal, financial, and care decisions possible for aging loved ones. Whether you’re facing a health crisis or simply planning ahead, these five legal steps can provide clarity, reduce stress, and make sure your parents’ wishes are honored when it matters most.
1. Establish Powers of Attorney (Property & Healthcare)
One of the most important tools in legal planning for aging parents is the Durable Power of Attorney (POA)—both for financial matters and medical decisions. These documents empower a trusted family member or friend to act on your parent’s behalf if they become incapacitated.
Without these in place, your family may be forced to pursue court-appointed guardianship, which is often costly, time-consuming, and emotionally draining. A POA keeps your family in control and allows for quicker, more compassionate decision-making during emergencies.
2. Create or Update Estate Planning Documents
If your parent already has a Will—great! But when was it last updated? Life changes, and estate plans should evolve with it.
Make sure your parent has a valid Last Will & Testament and, in many cases, consider a Living Trust to avoid probate and simplify asset transfer. It’s also wise to review beneficiary designations and make sure titles on accounts or property are accurate and up to date. Even small inconsistencies can cause big headaches later.
3. Plan for Long-Term Care Expenses
It’s no secret—long-term care is expensive. Whether it’s in-home help, assisted living, or a nursing home, costs can add up quickly. That’s why, when doing legal planning for aging parents, it’s so important to explore Medicaid planning, long-term care insurance, or asset protection strategies (like our Nest Egg Trust) well before care is needed.
Proper planning can protect your parents’ life savings and provide more options when the time comes.
4. Document Healthcare Wishes (Living Will & POLST form)
When it comes to end-of-life care, most people have preferences—but not everyone puts them in writing. A Living Will spells out what kind of care your parent wants (or doesn’t want) if they become unable to communicate.
A POLST (Physician Orders for Life-Sustaining Treatment) form is a doctor’s order that your parent completes with their physician to communicate end-of-life care preferences for medical treatment with emergency responders and other medical professionals. This ensures that your parents’ wishes are honored across various healthcare settings.
5. Organize Important Legal and Financial Information
It’s one thing to have documents—it’s another to be able to find them when you need them.
Take time to gather and organize essential paperwork: Wills, Trusts, Powers of Attorney, insurance policies, bank and retirement account info, property deeds, military discharge papers, passwords, etc. Store everything in a secure but accessible location so your family can act quickly and confidently when needed.
Need help with any of these steps?
That’s exactly what we’re here for. Whether your parent is still healthy and independent or already needs care, our Elder Care Advisors can help you with thoughtful, effective legal planning for aging parents that gives your family peace of mind.
Call us today at (217) 726-9200 to schedule a consultation, or visit our Workshop page to find an upcoming workshop to attend.