It’s always a touchy subject when we talk about health and money. It’s hard enough when we plan for what’s going to happen with our own financial future and other arrangements. A good way to break the ice is to tell our parents that we are working on our own estate planning and ask them what plans they have made regarding theirs.

Estate Planning Wishes

It’s a good idea to understand your elderly parents wishes when it comes to estate planning. This is very important information that will help not only them, but the entire family. It is critical to have some legal council to make sure that their assets are protected.

Understanding the State of the Estate

Estate Planning Golden Heart Senior Care Southern Utah

Not only is it important to understand what will happen in the event of  a death, it is just as important to understand what will be protected and invested while living. There are fees that can come from the IRS, probate courts, nursing homes and family members who feel that they are entitled to something.

Estate planning documents should be reviewed regularly. Every three to five years and with each major milestone. There are many changes that happen throughout the years. At the very least they should have a will. It is advisable to also have a trust. A trust has several advantages over a will. A trust can make administration of an estate easier and less expensive. If properly prepared a trust will avoid probate which can be expensive.

 Below are a few changes that can occur:

  • Relationships – Grandchildren are born, beneficiaries pass away, friendships are rekindled etc.
  • Assets – Investments increase and decrease
  • Locations – If your parent has moved out of the state where the estate planning documents were created its a good idea to check local laws to ensure they are still valid
  • Tax Laws – Tax laws are constantly changing. Stay informed and consult with a local accountant and attorney who specialize in estate planning

Checklist

Below is a list to help you and your elderly parents prepare for estate planning:

  1. Make a list of contacts – This list should include financial planners, attorneys, accountants, doctors and other medical professionals
  2. Make a list of all information – Assets, account numbers, PIN’s and usernames. Check account registrations, review and update beneficiary information and make a list of medical resources and make sure automatic bill pay is up to date
  3. Insurance – make a list of all policies and where they are kept 
  4. Legal documents  – estate or will, finances, health care etc
  5. Living arrangements – current housing, any updating that needs to be done etc
  6. Health – list of medications, doctors etc

 

Golden Heart Senior Care Southern Utah, St. George, Cedar City would be happy to assist you or your loved one with in-home care. Please contact us today for more information on how we can help, as well as providing companionship services.  You’re in Caring Hands With Golden Heart Senior Care Southern Utah.

 

 

Leave a Reply

Your email address will not be published. Required fields are marked *