The Costs of Not Planning for Your Parents’ Move

Nobody likes to think about their parents aging, but eventually, everyone who lives long enough needs to move into assisted living. If you and your parents don’t plan ahead for this move, you’ll find yourself caught in a bind later on when it’s time for your parents to leave their old home behind. To be prepared, learn some of the most important reasons you should make arrangements for handling your parents’ estate in advance.

Money Shortfalls

Assisted living and nursing homes are expensive. The close medical care many older people receive means these options are usually much more expensive than renting an apartment.

If you haven’t sold your parents’ home yet, then when they move they’ll need to continue to pay the mortgage, property taxes, utilities and other bills on the house, even though they don’t live there. This will continue to be the case until the house sells.

Therefore, selling the house as quickly as possible becomes a priority. But if you haven’t been thinking ahead — finding realtors, researching estate sales and so forth — your parents will end up paying for two sets of residences.

Knowing Your Options

The range of housing options available to older people is truly impressive. Most areas have many nursing homes, retirement communities and assisted living facilities, and if you cast a broader net, you’ll find options out of the state or country, as well.

When your parents are in need, these options may seem dizzying. That confusion can impede your ability to make sound choices about your parents’ care and finances, especially when you need to decide quickly. But by researching possible options and planning ahead, you’ll make a much more wise decision about where your parents should live.

Tending to Yourself

When a parent’s health begins to fail, you may suddenly find your life thrown into chaos. You may have to postpone work or family obligations, to travel across the country to visit a parent or meet with doctors.

Even with solid planning, the process is stressful, frightening and has a profound impact on your life. Without planning, a difficult situation is much more likely to spiral out of control, impacting your career, your personal life, and your own physical and mental health.

By researching and planning ahead, you won’t completely avoid stress and fear when difficult times come. But you’ll be better prepared for dealing with the changes ahead, and they’ll have a less negative impact on your life. What’s more, you’ll have a better understanding of your parents’ options, and you’ll be able to tend to their estate as efficiently as possible.