Despite years of being seen as self-involved, over-indulged children who can’t get it together, millennials have been growing up. In fact, some millennials are ageing into their 40s. This means that our parents, many of whom are Boomers, are reaching an age at which we’ll need to have some difficult conversations with them. One that’s paramount is the estate planning discussion, which goes far beyond the matter of wills and inheritance.
We often think of estate planning as the process of designating who receives what assets and how to settle any debts. But an estate plan also involves detailing who would make decisions should a parent be incapacitated. That way, if an emergency arose, loved ones could immediately focus on their care instead of stressing about how to make critical choices. Without an estate plan, a child may be at a loss about what a parent would want, and the courts may need to step in.
The documents and information you need
Wills are important for settling an estate upon a loved one’s death, but there’s other paperwork your parents should have in order while they’re alive. Documents like power of attorney, health care proxy and a living will are key because they designate a person to do things like pay bills and handle other financial transactions as well as make medical decisions. You want this in place before there’s an issue, especially if your family has a history of dementia or Alzheimer’s.
In addition, you need to know where all this information and paperwork is stored. Ask your parents to create a master document with passwords to important accounts and to get bills set up to autopay, especially if only one person knows all that information.
How to broach the conversation
It’s not easy raising this topic with a loved one, but trying to be proactive about planning is a way to reduce anxiety before entering a high-stress situation, such as a parent in a coma, getting diagnosed with illness or falling victim to an accident. Positioning the idea of setting up an estate plan as a way to alleviate anxiety and stress for you, the child, may encourage a still living parent to engage with you and get the paperwork handled.
One approach is going the “asking advice” route to first bring up the conversation. For example:
“Since getting married, Joe and I are working on our estate plans. How did you two decide who would be the power of attorney and health care proxy?”
Even an answer as simple as “Oh, we don’t have those” gives you the information you need to follow up and encourage them to get the paperwork done.
Another option is to be direct, especially if you have a family history of illness that would leave a person unable to make decisions themselves. You can say something like:
“I’m concerned about our family history of dementia. I want to ensure we have all the legal documents ready, so if anything were to ever come up, we could immediately focus on your care instead of worrying about the legal and financial paperwork.”
While I don’t think scare tactics are the most effective way to have this conversation, it’s worth mentioning that having estate planning paperwork handled means your parents get to outline their wishes instead of leaving you guessing – or, worse, having the courts appoint someone else to make important decisions.
You could also try going through the process together in an effort to seem more like allies. That way you’re not just reinforcing, “Hey, you’re ageing!” Even people who are young and healthy should have estate plans.
The goal is to help, not bulldoze
All this paperwork is critical not only for your parents, but also for you in order to best help them. However, if your parents stonewall you and refuse to discuss their estate plan, well, there isn’t much you can do. You really shouldn’t bully them into submission, especially as they probably won’t react well to you trying to parent them. This is particularly true if you’re simultaneously trying to care for your parents by, say, encouraging them to uproot their lives and move into your home, a retirement community or an assisted living facility.
Instead, be willing to bring this up respectfully, slowly and with respect. The earlier you lay the groundwork the better, because it gives you time to gently make progress.
Ferrari 12Cilindri specs
Engine: naturally aspirated 6.5-liter V12
Power: 819hp
Torque: 678Nm at 7,250rpm
Price: From Dh1,700,000
Available: Now
How Filipinos in the UAE invest
A recent survey of 10,000 Filipino expatriates in the UAE found that 82 per cent have plans to invest, primarily in property. This is significantly higher than the 2014 poll showing only two out of 10 Filipinos planned to invest.
Fifty-five percent said they plan to invest in property, according to the poll conducted by the New Perspective Media Group, organiser of the Philippine Property and Investment Exhibition. Acquiring a franchised business or starting up a small business was preferred by 25 per cent and 15 per cent said they will invest in mutual funds. The rest said they are keen to invest in insurance (3 per cent) and gold (2 per cent).
Of the 5,500 respondents who preferred property as their primary investment, 54 per cent said they plan to make the purchase within the next year. Manila was the top location, preferred by 53 per cent.
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
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Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
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Global state-owned investor ranking by size
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United States
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China
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UAE
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Japan
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5
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Norway
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Canada
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Singapore
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Australia
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Saudi Arabia
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South Korea
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The Bio
Favourite holiday destination: Either Kazakhstan or Montenegro. I’ve been involved in events in both countries and they are just stunning.
Favourite book: I am a huge of Robin Cook’s medical thrillers, which I suppose is quite apt right now. My mother introduced me to them back home in New Zealand.
Favourite film or television programme: Forrest Gump is my favourite film, that’s never been up for debate. I love watching repeats of Mash as well.
Inspiration: My late father moulded me into the man I am today. I would also say disappointment and sadness are great motivators. There are times when events have brought me to my knees but it has also made me determined not to let them get the better of me.
Three ways to get a gratitude glow
By committing to at least one of these daily, you can bring more gratitude into your life, says Ong.
- During your morning skincare routine, name five things you are thankful for about yourself.
- As you finish your skincare routine, look yourself in the eye and speak an affirmation, such as: “I am grateful for every part of me, including my ability to take care of my skin.”
- In the evening, take some deep breaths, notice how your skin feels, and listen for what your skin is grateful for.
The Bio
Favourite place in UAE: Al Rams pearling village
What one book should everyone read: Any book written before electricity was invented. When a writer willingly worked under candlelight, you know he/she had a real passion for their craft
Your favourite type of pearl: All of them. No pearl looks the same and each carries its own unique characteristics, like humans
Best time to swim in the sea: When there is enough light to see beneath the surface
Specs
Engine: Duel electric motors
Power: 659hp
Torque: 1075Nm
On sale: Available for pre-order now
Price: On request
General%20Classification
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Dubai Bling season three
Cast: Loujain Adada, Zeina Khoury, Farhana Bodi, Ebraheem Al Samadi, Mona Kattan, and couples Safa & Fahad Siddiqui and DJ Bliss & Danya Mohammed
Rating: 1/5
Company%20profile
%3Cp%3E%3Cstrong%3ECompany%20name%3A%3C%2Fstrong%3E%20Letswork%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202018%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%3Cbr%3E%3Cstrong%3EFounders%3A%20%3C%2Fstrong%3EOmar%20Almheiri%2C%20Hamza%20Khan%3Cbr%3E%3Cstrong%3ESector%3A%3C%2Fstrong%3E%20co-working%20spaces%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%3C%2Fstrong%3E%20%242.1%20million%20in%20a%20seed%20round%20with%20investors%20including%20500%20Global%2C%20The%20Space%2C%20DTEC%20Ventures%20and%20other%20angel%20investors%3Cbr%3E%3Cstrong%3ENumber%20of%20employees%3A%3C%2Fstrong%3E%20about%2020%3C%2Fp%3E%0A
Five ways to get fit like Craig David (we tried for seven but ran out of time)
Start the week as you mean to go on. So get your training on strong on a Monday.
Train hard, but don’t take it all so seriously that it gets to the point where you’re not having fun and enjoying your friends and your family and going out for nice meals and doing that stuff.
Think about what you’re training or eating a certain way for — don’t, for example, get a six-pack to impress somebody else or lose weight to conform to society’s norms. It’s all nonsense.
Get your priorities right.
And last but not least, you should always, always chill on Sundays.
Results
5pm: UAE Martyrs Cup (TB) Conditions Dh90,000 2,200m
Winner: Mudaarab, Jim Crowley (jockey), Erwan Charpy (trainer).
5.30pm: Wathba Stallions Cup (PA) Handicap Dh70,000 1,400m
Winner: Jawal Al Reef, Richard Mullen, Hassan Al Hammadi.
6pm: UAE Matyrs Trophy (PA) Maiden Dh80,000 1,600m
Winner: Salima Al Reef, Jesus Rosales, Abdallah Al Hammadi.
6.30pm: Sheikha Fatima bint Mubarak (IFAHR) Apprentice Championship (PA) Prestige Dh100,000 1,600m
Winner: Bainoona, Ricardo Iacopini, Eric Lemartinel.
7pm: Sheikha Fatima bint Mubarak (IFAHR) Ladies World Championship (PA) Prestige Dh125,000 1,600m
Winner: Assyad, Victoria Larsen, Eric Lemartinel.
8pm: Sheikh Zayed bin Sultan Al Nahyan Jewel Crown (PA) Group 1 Dh5,000,000 1,600m
Winner: Mashhur Al Khalediah, Jean-Bernard Eyquem, Phillip Collington.
Manchester City 4
Otamendi (52) Sterling (59) Stones (67) Brahim Diaz (81)
Real Madrid 1
Oscar (90)
UAE currency: the story behind the money in your pockets
