Holidays are a time for joy, celebration, and fun family gatherings. They may also be the perfect opportunity to ensure that your parents have created a comprehensive estate plan and that it reflects their current wishes.
The Top 3 Things to Ask Your Parents about their Estate Plan
- Has their Will and Trust been reviewed and revised (if necessary) in recent years? There are many reasons that a review of an existing plan may be a wise course of action. If the family structure has changed due to births, deaths, marriages, divorces, or children attaining the age of 18, then a revision to the existing estate plan may save time, trouble, and heartache in the event of a death or incapacity.
- Have Powers of Attorney and Advance Health Directives been updated recently? It is advisable to keep these documents “fresh” by signing new ones if many years have passed since their original execution. This will reduce stress and avoid unnecessary hassle in the event of a parent’s injury or illness.
- Have they purchased or sold major assets such as land, homes, or businesses? If there has been a significant change in your parents’ holdings, that’s an excellent time to make sure that everything they own is titled or directed to the Trust properly. There are many high-value assets which cannot be easily transferred to their Trust after death, so it is imperative that this addressed during your parents’ lifetime.
It is one of the highest honors to care for those who cared for us. Checking in on the status of your parents’ estate plan will make it easier for you to take care of their healthcare and finances during their lifetime and to carry out their final wishes at death.