It can be difficult to think and talk about our parents' deaths or incapacity, especially with our parents. As a result, many individuals avoid talking about estate planning with their parents. Sadly, as parents get older, many adult children end up in difficult positions as they attempt to navigate and handle their parents' financial and healthcare demands.

Many have seen first-hand the difficulties that families can go through when their loved ones die, or lose capacity through illness. With careful and calculated estate planning there will be clarity, confidence, and control over their future.

Whilst it is most often our parents’ estate that requires careful thought and management, it can often also be the case that our elderly aunts and uncles who have no family of their own are often overlooked and the job falls to the younger generation in the family to step up to assist, without any prior knowledge of their wishes or intentions.

Although it might be personally intrusive to discuss estate planning with your elderly family, asking some simple questions as to whether any thought has been given to the management of their affairs/estate later in life and after death, such a conversation can prove invaluable by providing clarity. Should steps need to be taken to obtain some legal advice, to create a Will, or to create an Enduring Power of Attorney to clarify matters you can assist with arranging those appointments. Any assistance should be limited to influencing your elderly relative to take advice and perhaps to organise/facilitate that assistance, but care should be taken so as not to unduly influence your elderly relative so as to invalidate any legal document created.

The benefits of having a Will, Enduring Power of Attorney, or simply obtaining advice as to estate planning are somewhat obvious in that it can avoid costly and lengthy processes after the event (whether after they have become incapacitated or after death). The bonus of tending to these issues sooner rather than later is of course that if dealt with whilst your elderly relative has capacity then their wishes can be followed as it is not always possible for wishes to be followed after the event.

If you wish to obtain advice in respect of the above, please contact one of M&P Legal's private client team, Patrick Swanney or Amelia Quinn on 01624 695800 or email pas@mplegal.im or ajq@mplegal.im.

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