As Your Parents Get Older: The Estate Planning Documents Every Family Should Know About
Your parents spent years taking care of you. They cooked your favorite meals, kissed scraped knees, stayed up when you were sick, helped with homework, and offered advice when life got complicated. From the smallest everyday gestures to the biggest milestones, they were there to help you find your way.
As you grow older, and your parents do too, those roles can begin to shift. Maybe you're accompanying them to doctor's appointments, helping with paperwork, or simply noticing that they could use a little more support than before.
This November, National Family Caregivers Month recognizes the millions of Americans caring for loved ones. According to AARP and the National Alliance for Caregiving, approximately 63 million American adults provided care to an adult or child with a medical condition or disability in 2025.
But you don't have to be a full-time caregiver to start thinking about your parents' future. And while you may want to help them navigate whatever life brings, being their child doesn't necessarily give you the legal authority to make important decisions on their behalf.
That's where estate planning comes in.
Estate Planning Isn't Just About What Happens After Death
When people think about estate planning, wills and inheritances usually come to mind. But a comprehensive estate plan serves two important purposes.
Planning for their lifetime: Documents like a Financial Power of Attorney and an Advance Healthcare Directive can help your parents designate trusted people to assist with financial matters or make medical decisions when necessary.
Planning for after their passing: Wills, trusts, and funeral directives can help communicate their wishes, organize their affairs, and provide guidance for loved ones.
Having these documents in place before they're needed can make difficult situations easier to navigate, while allowing your parents to remain in control of their choices.
The Documents That Can Help You Care for Your Parents Now
Financial Power of Attorney (POA)
A Financial Power of Attorney allows your parents to authorize someone they trust to handle specified financial and legal matters on their behalf.
Depending on the specific powers awarded within it alongside state law, this could include paying bills, managing bank accounts, handling property matters, or communicating with financial institutions.
Importantly, a POA isn't only for emergencies. Your parents might simply want help managing certain responsibilities while remaining fully capable of making their own decisions.
A durable POA can also remain effective if your parent becomes incapacitated. When the authority begins depends on the document and state law.
Try saying: "I know you can handle things yourself, but if you ever wanted help managing bills or paperwork, who would you feel comfortable having step in?"
Advance Healthcare Directive
An Advance Healthcare Directive helps document your parent's medical preferences and, depending on state law, may allow them to appoint someone to make healthcare decisions if they're unable to do so themselves.
It can address important questions about medical treatments, life-sustaining care, and who should speak on their behalf.
While state laws may allow certain family members to make healthcare decisions without a directive, having one can provide clearer guidance about whom your parent trusts and what they want.
Try saying: "If there ever came a time when you couldn't tell the doctors what you wanted, I'd want to make sure we were making the decisions you would have made."
Remember, a Financial POA generally doesn't authorize medical decisions, and a Healthcare Directive doesn't grant financial authority. Both serve different purposes.
The Documents That Help Honor Their Wishes After They're Gone
Last Will and Testament
A will outlines how your parent wants assets covered by the will distributed after their passing and names an executor to administer their estate. It can also address meaningful personal belongings, from family heirlooms to treasured possessions.
Revocable Living Trust
A trust can provide instructions for managing and distributing assets, potentially helping certain assets avoid probate. Depending on its structure and funding, a revocable living trust may also help a designated successor trustee manage trust assets if your parent becomes incapacitated.
Funeral Directive
Few conversations feel more difficult than discussing a parent's funeral. Yet knowing their preferences can make an emotionally overwhelming time a little easier.
A Funeral Directive can communicate wishes regarding burial, cremation, memorial services, and personal or cultural traditions. Its legal effect varies by state, so additional authorizations may be needed.
Try saying: "I know this isn't the easiest thing to talk about, but I want to make sure we honor your wishes and celebrate your life in the way that feels right to you."
How to Start the Conversation Without Making It Uncomfortable
The goal isn't to take over your parents' decisions. It's to understand what matters to them and offer support where they'd welcome it.
Start small. Ask about healthcare preferences over coffee, offer to help organize important documents, or bring up estate planning while discussing your own preparations.
Rather than focusing on everything that could go wrong, explain why having a plan matters to you.
You might say, "I don't want to make decisions for you. I just want to understand what you want so I can help make sure your wishes are respected."
And remember, these conversations are best started while everyone is healthy, rather than during an emergency. For more guidance, explore our article on 5 Estate Planning Conversations to Have With Your Parents While Everyone Is Healthy.
Helping Your Parents Put Their Wishes Into Action With GoodTrust
Once you've talked, it's time to turn those wishes into a plan.
GoodTrust's Estate+ plan includes up to four complimentary accounts for family members, allowing you and your loved ones to create your own estate planning documents at no additional cost.
That means you can sit down with your parents, walk through the process together, and help them get organized while they make their own decisions.
Here's how to get started:
Create: Help your parents prepare their will, trust, POA, healthcare directive, and other relevant documents through their own GoodTrust account.
Legalize: Follow the applicable state requirements for signatures, witnesses, and notarization. If they create a trust, address any necessary trust funding.
Secure: Store important documents safely, including digital copies in GoodTrust's Digital Vault, and make sure the appropriate people know where to find them.
Update: Encourage your parents to revisit their plan as their lives, relationships, or wishes change.
Remember, estate planning requirements vary by state, and more complex circumstances may call for professional legal guidance.
Caring for Them, on Their Terms
Caring for aging parents doesn't always mean taking on more responsibility. Sometimes, it means having the conversations that make it easier to support them when they need you.
This National Family Caregivers Month, take a moment to ask your parents what matters most to them and how they'd like their wishes honored.
With GoodTrust, you can help your family prepare for the future, together. Get started at mygoodtrust.com.