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?
I am 71 and have a mortgage on my property but I do have $200,000. equity in house. Can I add my children to deed but still be liable for mortgage? Presently I am in good health, but concerned that a lien would be put on the equity if My health fails and need to enter a nursing home. I do have Medicare, Supplemental insurance and Prescription insuranc e. Thank you
how do you use an affidafid of heirship in this process? I heard of a man who closed an estate of over $150,000. with one at a cost of $10.00.
Hello Regina kc, Thank you for your comment. If you'd like, you can post your question in our Ask & Answer section, here: ( http://www.caring.com/ask ). Take care -- Emily | Community Manager
If we sell my moms house and she gives each of her children part of the money, if she would need to go into a nursing home would the state take that money back?
all very helpful
Hi Pablo, Thanks for your interest in writing for Caring.com to help caregivers! While we don't currently have any writing positions available, another great way to share your expertise with caregivers is to answer questions in the Ask & Answer forum: http://www.caring.com/ask We'll also share your information with our Editorial team, should a writing opportunity become available. For future reference, the best way to get in touch with us is via our on-site feedback form: http://www.caring.com/about/contact.html The Comments section of an article page is intended for feedback on that particular article. Thanks again for participating in the Caring.com community! Best regards, Emily | Community Manager
Hi, I was browsing through your website caring.com and found very interesting contents on money and finance which are pretty informative. I was hoping I could write a guest post on your blog with an article related to your blog, I believe this will be of interest to your readers. The article will be entirely unique, written just for your blog and will not be posted elsewhere. I hope I can produce informative and viscid content for you. If you’re interested in this idea, please get back to me. Thank you so much for your time and consideration. Regards, Pablo Gibson
There is a referral service called All About HealthCARE Advocates, it gives great referrals to lawyers who can assist in this matter. They also do things such as Relief (by accompaning patients on appointments), Research (on different illness and diseases), Referrals (to specialized doctors and lawyers), and Education (on the Affordable Care Act and Billing and Coverage). Check them out at: www.AllAboutHealthCAREAdvocates.com
Thanks for the check lists I will start using it tomorrow. motherdiver
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.