6 Estate Planning Questions Your Parents Should Answer
In deciding whether they need to do any estate planning, the key questions your parents should answer are whether there is any property they would like a particular person or charity to receive after their deaths and whether they have strong opinions about their medical care and final arrangements. If so, it's usually wise for them to get some simple documentation in writing to provide legal assurance that those wishes will be enforced.
Specifically, when considering whether to take any steps toward estate planning, your parents should ask themselves:
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What are my assets and what is their approximate value?
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What people or organizations do I want to have these assets -- and do I wish to give them up during my lifetime or after my death?
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Who should manage these assets during my lifetime if I become unable to do so, or after my death if management is needed?
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Who should be responsible for taking care of any minor or dependent children if I become unable to do so?
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Who should make decisions about my medical care and finances if I cannot make them?
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After I die, do I want my remains to be donated, cremated, scattered, or buried?
JoanDC - Great suggestion. Since many family members live far away from each other, it's highly beneficial to create a list of what you have, where it's located, and who to contact -- and then actually store electronic copies of documents in a safe, secure place online. EstateLogic at www.ExecutorsResource.com is an easy, affordable tool for families to use in doing this.
These questions are definitely necessary when planning for the future. But where can you go to document all this information? Even once all these questions have been legally documented do the appropriate family members and friends know where the paperwork is located? This article presents a good place to start but there are much more in depth issues that have to be addressed. I am the social marketing manager for a start-up business, Confidant. Confidant (www.beconfidant.com) organizes and manages a family’s critical information in one safe spot. It also gives secure access to family members or friends in case of emergency or loss. Start the process now and protect your family’s future and your own.