“Thought for the Day” #767 – by Stephen R. Elville, J.D., LL.M.

July 25, 2016

Why do many seniors age 70 and over hesitate, or wait until the last minute, to update critical estate planning documents? In some instances, even where a long-term illness is looming, there is often delay, along with a reluctance or inability on the part of children to push parents or become involved in their parents’ personal affairs. Notwithstanding the personal, practical, and psychological reasons for this, the result can be disastrous at worst, and limiting at best. Financial advisors are many times at the forefront as catalysts of change by way of their proactive recommendations to their clients to get regular estate planning updates. However, what if the senior adult or family is not so lucky and has no financial advisor? Children and other family members should strongly consider playing the role of agent of change for aging parents and other loved ones, even though doing so is often counter-intuitive and difficult.