Senior Associate
Caring for aging parents often means helping them prepare for legal, financial, and healthcare decisions before a crisis occurs. By planning early, you can help protect their assets, honor their wishes, and reduce the likelihood of family disputes or court involvement.
Many adult children begin helping with everyday tasks, only to realize their parents need more comprehensive planning. Whether you’re organizing finances, discussing long-term care, or updating estate planning documents, taking action now can make future decisions much more manageable.
How Can You Help Protect an Aging Parent’s Finances?
The first step is understanding what legal and financial documents are already in place. If your parents have an estate plan, it may need to be updated to reflect changes in their health, assets, or family circumstances.
A well-rounded plan often includes:
- A current will
- A revocable living trust, when appropriate
- A durable power of attorney for financial decisions
- A health care proxy
- HIPAA authorization forms
- Beneficiary designation reviews
These documents allow trusted individuals to step in if your parent becomes unable to manage personal or financial affairs. They can also help avoid unnecessary delays and expenses.
It’s also wise to review how bills are paid, where financial records are stored, and whether trusted family members know how to access important information when needed.
When Should You Consider Guardianship or Conservatorship?
Guardianship or conservatorship may become necessary if your parent has already lost the ability to make informed decisions and has not signed the appropriate planning documents.
Under Massachusetts law, these are separate legal proceedings that serve different purposes:
- A guardian may be appointed to make personal and healthcare decisions for an incapacitated adult. A guardian generally has only limited authority to handle small amounts of money needed for the person’s day-to-day care.
- A conservator may be appointed to manage an incapacitated person’s financial affairs, including significant assets, income, and real estate.
If someone needs assistance with both personal decisions and financial management, separate petitions for guardianship and conservatorship are typically required.
Massachusetts courts are also required to consider the least restrictive alternative before appointing a guardian or conservator. That means the court will consider whether less restrictive options, such as a durable power of attorney, a health care proxy, supported decision-making, or other available arrangements, can adequately meet the person’s needs.
Because these proceedings can be time-consuming and may limit a person’s independence, creating powers of attorney and healthcare directives while your parent still has legal capacity is often the better approach whenever possible.
How Can You Help Prevent Elder Financial Exploitation?
Unfortunately, older adults are frequently targeted by scammers and may also face financial abuse by people they know.
Warning signs can include:
- Unusual bank withdrawals or transfers
- Missing valuables
- Sudden changes to estate planning documents
- New “friends” or caregivers exerting unusual influence
- Unpaid bills despite adequate income
- Confusion about financial transactions
Regular communication, careful oversight, and updated legal documents can help reduce these risks. If you suspect financial exploitation, acting quickly may help limit further losses.
Elder Care Planning Checklist
Every family’s situation is different, but these steps provide a practical starting point.
Legal Checklist
- Review or update your parent’s will.
- Confirm durable powers of attorney are in place.
- Review healthcare proxy documents.
- Update beneficiary designations if needed.
- Discuss long-term care preferences.
Financial Checklist
- Organize financial account information.
- Review monthly bills and automatic payments.
- Monitor accounts for unusual activity.
- Create a list of insurance policies.
- Locate important legal and financial records.
Family Checklist
- Discuss your parent’s wishes openly.
- Identify who will assist with healthcare decisions.
- Decide who will help manage finances if necessary.
- Keep emergency contact information updated.
- Revisit the plan as circumstances change.
Having these conversations early often makes future decisions less stressful for everyone involved.
Estate Planning Is an Ongoing Process
Estate planning is not a one-time task. Health conditions change, families grow, assets increase or decrease, and laws evolve over time.
We generally recommend reviewing an estate plan after major life events, including:
- A serious medical diagnosis
- Retirement
- The death of a spouse
- Significant changes in assets
- The birth of grandchildren
- Changes in caregiving responsibilities
Periodic reviews help ensure your parent’s documents continue to reflect their wishes and current circumstances.
Help Your Parents Plan Before a Crisis
Supporting aging parents often involves difficult conversations, but planning ahead gives your family more options when important decisions arise. Whether your parents need to update an estate plan, prepare powers of attorney, discuss long-term care planning, or determine whether guardianship may become necessary, we can help you understand your options under Massachusetts law.
At LaFountain & Wollman, P.C., we work with families throughout Massachusetts to create practical estate plans that protect older adults and those who care for them. Contact us today to schedule a consultation and begin planning for your family’s future.