When we were younger, our parents took care of us and helped us plan for the future. At some point, most of us may have to do the same for our parents and help them plan for the future. Do you know if your parents have an estate plan? It is not only important to know the answer to this question, but to understand the details associated with the answer. Estate planning plays a crucial role in planning for the future.
Today, let us take a moment to discuss six questions to ask your aging parents to help them plan for the future.
1. Do they have a health care surrogate in place? This is one of the most important questions to ask as you want to ensure that they may be taken care of should they become seriously ill and/or incapacitated.
2. Have your parents chosen a trusted individual to take on the health care surrogate role? Selecting a health care surrogate is a decision that should not be taken lightly because this person will be making the decisions on behalf of your parent should he or she become critically ill. Try to ensure the person that they have chosen is responsible and, of course, of sound mind.
3. Where are the original estate planning documents kept? If the time arrives when your parent dies or becomes incapacitated, do you know where the original estate planning documents are kept? The original will is necessary to commence probate. In fact, if you do not have the original it may be very difficult to probate the estate according to the terms of the missing will.
4. Are your parents’ estate planning documents up-to-date? An estate plan is one of the ways that people ensure their legacy will go on and that the assets that they have chosen for their family can be accessed upon their death. Estate plans should be up to date to reflect current living circumstances and major life events. You can talk to your parents about how they can update their estate plan. An estate plan is a great way to help your parents think ahead, but to be most effective it should be up to date.
5. If your parents have a trust, is it properly funded? If not, it could mean a long and expensive probate before you can have access to their assets. To understand it a little better remember, funding a trust means taking assets that are titled in the individual trust settlor’s name and retitling them into the name of the trust.
6. Is your parent working with an attorney they trust? Having a comprehensive and properly drafted estate plan in place can be crucial to securing the future you want for yourself and your loved ones. Having the right estate planning attorney on your side, who understands your unique situation and can advise you appropriately, can be absolutely critical to proper estate planning.
Our firm is committed to representing your best interests and that of your family. We do this by drafting estate plans that have been crafted to meet your unique needs. For help creating your estate plan or answering any related questions, we are here for you. Contact our office today to schedule a meeting.