Next Avenue’s recent article entitled “Mom, Do You Have a Will?” says that many older adults and their children don’t want to talk about death. Well….thanks, Captain Obvious. Although it’s difficult, it is incredibly important for the children of elderly parents to open the lines of communication and talks to their parents about protecting themselves and their family with an estate plan. So what do you tell them? How do you make sure the transition after they have died is uncomplicated? Here are a few things to consider.
When asked if they have a will in place, some older adults will say they’re prepared. However, in truth they aren’t prepared at all. They may have a will that’s old and no longer relevant to their current situation or may have not signed or filed their will and other important estate planning papers.
Clarifying the status of older adults’ wills is critical to a smoother transition of assets and should be addressed when they’re of sound mind and clearly able to make their own decisions about their estates.
If you die with very few assets, and you only have one child, you may not need a will. However, if you want to leave something to a charity or a dear friend, you’ll need one. If you have more assets or more children, you should hire an experienced estate planning attorney to help.
If you die without a will, a situation known as intestate succession, your assets may be distributed according to state probate law. That schedule may differ from what you would want. Wills are especially important if heirs might fight over the estate, or if you want certain assets to go to specific people.
If your parent is a part of a blended family it is even more important. That is because you want to avoid either a full or partial disinheritance of a surviving spouse or their children. It’s also important to prepare a will and appoint guardians, if there are minor children or adult children with special needs.
In addition, single people should have a plan for their assets, especially if they’re in a committed relationship but not married. That’s because state inheritance laws don’t provide for a domestic partner to inherit. A will is an important first step to make certain that a relationship is recognized before a loved one passes away, so the remaining partner can access their right to property or benefits.
If you or your parents need assistance with an estate plan, do not hesitate to BOOK A CALL using our calendar. We are here to help.
Reference: Next Avenue (Sep. 14, 2022) “Mom, Do You Have a Will?”