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As your parents age, helping them to form an estate plan, and finding out what their wishes are for themselves and their assets upon their death, becomes more and more important. While having these talks can be hard, doing so can ensure that your parents are able to live out their lives without monetary headaches, and that when they die, their desires for their estate will be adhered to. Here are some questions to ask your parents about their estate, and how to help them plan for the future:

Do You Have a Last Will and Testament or a Trust?

One of the most important questions that you can ask your parents regarding their estate plan is whether or not they have a Last Will and Testament or a Trust. If they do not, it’s time to create one, and if the Last Will and Testament or a Trust is more than a decade or so old, suggest that they meet with an attorney to review it and make any necessary changes. If they already have a current Last Will and Testament or a Trust, then you need to find out the following:

  • Who the executor of the Last Will and Testament is;
  • Where the original Last Will and Testament or a Trust is kept; and
  • Who helped them to create the Last Will and Testament or a Trust (knowing the attorney who drafted the Last Will and Testament or a Trust can be extremely helpful).

Who Do You Want to Manage Your Affairs If You Are Unable to Do So?

A very delicate subject for grown children to discuss with their elderly parents is whether or not the parents have made decisions about who will manage their affairs and make decisions about healthcare and finances in the event that they are unable to do so while they are alive but able to articulate their own needs and desires. Not only should you have this talk with your parents, but you should also make sure that your parents actually create healthcare directives and powers of attorney that explicitly outline these wishes; simply telling you what they want will have no legal bearing later on – they must have legally binding documents.

Where Are Your Important Documents Kept?

In the event that your parents die unexpectedly or without detailed instructions about where to find things and how to divide things, you may be tasked with the job of hunting down their financial and legal records, including years’ worth of taxes, deeds and titles, and more. Learning where your parents keep their important financial documents can help to mitigate complications associated with finding these documents later on.

In addition to knowing where documents are kept, it is also a good idea to create an inventory now of what your parents have. Fidelity Investments recommends creating a list of assets, account numbers, account locations, personal identification numbers, and user IDs.

Have You Met with an Elder Law and Estate Planning Attorney?

If your parents have not met with an estate planning attorney to discuss their financial future, suggest that they set up an appointment, and offer to come along for support, too. At the Westport law offices of Patricia Bloom-McDonald, Attorney at Law, I appreciate the delicate nature of estate planning, and will guide you and your parents through everything you need to know. Contact my office today by calling 508-636-6097 to schedule your no-cost initial consultation.

About the Author
With over 30 years of experience as an estate planning, elder law, and probate attorney, Patricia Bloom-McDonald listens to clients with sensitivity and compassion, understanding their unique needs. She builds lasting relationships through her dedication to providing personalized legal services. At The Law Offices of Patricia Bloom-McDonald, she works closely with families to navigate the complexities of estate planning and probate. Her expertise ensures clients receive tailored guidance in all aspects of estate planning, including wills, trusts, and elder law matters, with a personal touch that sets her apart.