We all have to face it at some point soon. Our parents are getting older. Maybe their health is not good. Perhaps they're even terribly sick. The reality is they won't be with us for ever and ever.
How do we help them make preparations for what will unavoidably occur. Yes I mean when they are gone. Yes they do need a plan... An estate plan. And so do you for that matter.
But let's concentrate on your mother and father for the moment.
Here's some things to think about...
What will happen to your ma if your dad dies? Will she be capable of paying the bills? Will she have accessibility to all of the cash? Will she even know where all the money is?
What would occur if both of your folks die within a little while of each other? It's a particularly common eventuality.
Do your parents have a will? Do they understand how important a will is? Do they understand what would occur if they died without a will... Called "intestate"?
What would occur if they could not make medical care decisions themselves? Who would do it? Would the courts have to get involved?
Who will pay for funerals and funerals?
How do we help them make preparations for what will unavoidably occur. Yes I mean when they are gone. Yes they do need a plan... An estate plan. And so do you for that matter.
But let's concentrate on your mother and father for the moment.
Here's some things to think about...
What will happen to your ma if your dad dies? Will she be capable of paying the bills? Will she have accessibility to all of the cash? Will she even know where all the money is?
What would occur if both of your folks die within a little while of each other? It's a particularly common eventuality.
Do your parents have a will? Do they understand how important a will is? Do they understand what would occur if they died without a will... Called "intestate"?
What would occur if they could not make medical care decisions themselves? Who would do it? Would the courts have to get involved?
Who will pay for funerals and funerals?
There are numerous things to consider at the end of life. If your mother and father do not have a plan then you may be the one who must sort things out. Or perhaps worse... The courts might be making all the choices for you. Is that what your mother and father wish to happen?
Yes when a person dies without a will their estate goes into probate and the courts decide what happens to all the assets. Going thru probate may take many months. Who pays the bills in that time?
Time For An Estate Plan
There are several things that your ma and pa should do to be prepared for the end of life.
They Need A Will
First they need to have a will. The will will stipulate precisely what will happen to all their assets when they die. If they want to ensure a certain kid gets the keys to the antique car your dad has been restoring they can do that. Without a will the courts will possibly divide everything similarly among family members. That might not be what your parents really want to occur.
Health Care Surrogacy
Secondly they ought to have a medical directive. Depending on what state they live in this could be called a Health Care Proxy or a Health Care Surrogacy. This is a legal document that specifies who has access to somebody's health care information. Doctor's and nurses will only give that info to whomever has been declared as the rightful agent. Legally they can not give that info out unless there is this document.
Part of this surrogacy might be a directive for what should happen if your parent gets put on life-support systems. This is referred to as a Do Not Resuscitate Order (DNRO). If someone has a terminal illness and must be put on life support, this document details what should occur. Of course you should have a pretty serious discourse with your mom and pop about this so you understand their wishes.
Power of Attorney
A Power of Attorney gives someone legal control of your mother and father finances. This person has the power to pay bills if your parent becomes incapacitated. Naturally your parent's "attorney in truth" should be chosen cleverly.
The Power of Attorney can be limited or general. A limited POA only grants precise abilities and doesn't allow absolute control.
These are only some of the legal tools for preparing an estate plan. Contact a good
Yes when a person dies without a will their estate goes into probate and the courts decide what happens to all the assets. Going thru probate may take many months. Who pays the bills in that time?
Time For An Estate Plan
There are several things that your ma and pa should do to be prepared for the end of life.
They Need A Will
First they need to have a will. The will will stipulate precisely what will happen to all their assets when they die. If they want to ensure a certain kid gets the keys to the antique car your dad has been restoring they can do that. Without a will the courts will possibly divide everything similarly among family members. That might not be what your parents really want to occur.
Health Care Surrogacy
Secondly they ought to have a medical directive. Depending on what state they live in this could be called a Health Care Proxy or a Health Care Surrogacy. This is a legal document that specifies who has access to somebody's health care information. Doctor's and nurses will only give that info to whomever has been declared as the rightful agent. Legally they can not give that info out unless there is this document.
Part of this surrogacy might be a directive for what should happen if your parent gets put on life-support systems. This is referred to as a Do Not Resuscitate Order (DNRO). If someone has a terminal illness and must be put on life support, this document details what should occur. Of course you should have a pretty serious discourse with your mom and pop about this so you understand their wishes.
Power of Attorney
A Power of Attorney gives someone legal control of your mother and father finances. This person has the power to pay bills if your parent becomes incapacitated. Naturally your parent's "attorney in truth" should be chosen cleverly.
The Power of Attorney can be limited or general. A limited POA only grants precise abilities and doesn't allow absolute control.
These are only some of the legal tools for preparing an estate plan. Contact a good
Secondly they ought to have a medical directive. Depending on what state they live in this could be called a Health Care Proxy or a Health Care Surrogacy. This is a legal document that specifies who has access to somebody's health care information. Doctor's and nurses will only give that info to whomever has been declared as the rightful agent. Legally they can not give that info out unless there is this document.
Part of this surrogacy might be a directive for what should happen if your parent gets put on life-support systems. This is referred to as a Do Not Resuscitate Order (DNRO). If someone has a terminal illness and must be put on life support, this document details what should occur. Of course you should have a pretty serious discourse with your mom and pop about this so you understand their wishes.
Power of Attorney
A Power of Attorney gives someone legal control of your mother and father finances. This person has the power to pay bills if your parent becomes incapacitated. Naturally your parent's "attorney in truth" should be chosen cleverly.
The Power of Attorney can be limited or general. A limited POA only grants precise abilities and doesn't allow absolute control.
These are only some of the legal tools for preparing an estate plan. Contact a good estate planning solicitor to get all the details and help your parents be prepared when the time comes.
About the Author:
Part of this surrogacy might be a directive for what should happen if your parent gets put on life-support systems. This is referred to as a Do Not Resuscitate Order (DNRO). If someone has a terminal illness and must be put on life support, this document details what should occur. Of course you should have a pretty serious discourse with your mom and pop about this so you understand their wishes.
Power of Attorney
A Power of Attorney gives someone legal control of your mother and father finances. This person has the power to pay bills if your parent becomes incapacitated. Naturally your parent's "attorney in truth" should be chosen cleverly.
The Power of Attorney can be limited or general. A limited POA only grants precise abilities and doesn't allow absolute control.
These are only some of the legal tools for preparing an estate plan. Contact a good estate planning solicitor to get all the details and help your parents be prepared when the time comes.
About the Author:
Rick Hart is an online business advisor. He provides tools for estate planning lawyers in Tampa Bay that help with wills, powers of attorney and estate planning.