Your Parent’s Estate Plans

To help ensure your parent’s estate is settled quickly according to their wishes, you should find out:

Where Important Estate Planning Documents are Located

There can be many professional contacts and life documents that need to be located. Utilize our Peace of Mind Checklist to help organize their important information and to help ensure they have the correct documents in place so their wishes will be carried out.  Find out if they have a durable power of attorney and a healthcare proxy.  List the names, addresses, and phone numbers of lawyers, accountants, and financial advisors on their checklist.

Their Rationale for Distributing Their Estate

If your parents are reluctant to discuss this now, suggest they leave a personal letter with their estate-planning documents explaining their rationale for distributions.

Preferences for the Future

Find out your parent’s preferences if they’re not physically able to live in their current home.  Do they want to move in with relatives or live in an assisted-living facility?  Discuss in detail what procedures they want or do not want performed to prolong life.  Determine their preferences for funeral arrangements and if they have pre-purchased any burial plans.

 

Copyright © 2019 This article is published in its original form from its original publication with Investment Answers and Integrated Concepts, a separate, non-affiliated business entity. The original newsletter publication, Investment Answers Financial Success Fall 2019, is intended to offer factual and up-to-date information on the subjects discussed but should not be regarded as a complete, evolving, or personalized analysis of the topics, and should not be construed as personalized investment advice. Qualified financial professionals should be consulted before implementing a personalized financial plan. Please reference the original publication for additional disclaimers.