Senior Planning Service

Estate planning is something that needs to be dealt with, and older citizens can benefit from working with an advisor who can provide a senior planning service.

An ethical will is a treasure you leave behind.

Many adult children would like to help their parents make good choices about how to deal with financial issues, but don't know how to talk to them. Even if they do know how to bring up the topic, the parents may not feel comfortable discussing this kind of information.

A better choice would be to find an experienced advisor who can come in and talk to the senior in a professional manner and who can look at the situation logically and professionally. That doesn't mean that the older adult shouldn't educate him- or herself about the basics of financial planning. Public libraries have information available, and there are many reputable websites that cover this topic as well.

When you are working with an advisor who offers a senior planning service, you should be prepared to discuss the following issues:

• Choosing an executor for your estate

This is the person or corporate entity that will take charge after you die to make sure that your wishes are carried out. You can choose an individual to act in this capacity or have a law firm or bank instead.

• Arranging for a power of attorney

Your attorney will make decisions for you if you become mentally incompetent due to illness or injury. You will want to choose someone who you feel comfortable will manage your affairs in the same way that you would have.

Another type of power of attorney should be signed for personal care. The person you appoint will make decisions about the type of medical treatment you will be given if you incompetent.

• Writing a living will

The living will gives instructions about what kinds of life-sustaining procedures you want given to you in the case of severe illness. You can use this document to indicate that you do not want to be kept alive by artificial means if you are terminally ill and no longer able to state your wishes.

A financial advisor who offers a senior planning service may be a better choice than trying to discuss these kinds of sensitive issues with your children. You can state your wishes to the advisor and know that documents will be prepared according to your instructions.

The advisor can look at the situation in a professional manner and point out any gaps in your plan. Family members may not be able to offer objective advice when it comes to dealing with end-of-life issues. A better choice is to figure out what you want to and have a professional come in to implement the plan that you have chosen.

A growing trend is to include an ethical will in your planning. This is a document that shares memorable experiences, what kinds of things in your life have shaped your values, and how you would like to see your beneficiaries use their inheritance.

This is an important part of your family history and is your opportunity to make your voice heard into the next generation and for those that come after. Ask your advisor how you can prepare your own ethical will for your family. After you have signed your documents and put the plan in place, you can share what you have decided with your family, if that's your wish.

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• Category:Estate and Financial Planning