Does my dad need a will?
A fellow caregiver asked...
Does my dad need a will? He does receive a small military pension and a small social security check that total about $1,500 per month. He doesn't own any property; house, car, etc. He has lived with me for the last 15 years.
Expert Answer
Steve Weisman hosts the nationally syndicated radio show A Touch of Grey, heard on more than 50 stations, including WABC in New York City and KRLA in Los Angeles. He is a practicing lawyer specializing in estate planning and is admitted to practice before the United States Supreme Court. He's a public speaker and commentator who has appeared on many radio and television shows throughout the country, and he's the legal editor of Talkers magazine, the preeminent trade publication of talk radio. His latest book is The Truth About Avoiding Scams.
Everyone should have a Will, Durable Power of Attorney and Health Care Proxy. In the event of your father's death, someone would need to be appointed to deal with the closing of his financial affairs including filing last income tax returns. In addition, it is possible that he could obtain assets in the future that would make a Will even more advisable.
If he became incapacitated, you would need a Durable Power of Attorney and Health Care Proxy to obtain the authority to act on his behalf.