Do your parents have an estate plan? Is it up to date? No matter how much you think you and your parents do or don't have, especially in the wake of the COVID-19 pandemic, you need to be asking these and several other questions. When your parents become incapacitated or die, their affairs will become your responsibility, and it will be impossible to ask them to clarify anything. So, if you don't know whether or not they have estate planning in place that will help you best support them, let us help you figure it out!
The Best-Case Scenario
In a best-case scenario, your parents have an updated estate plan, and they’ve walked you through it. They have provided an inventory of their assets that’s easy for you to find listing out everything they own, how it’s titled, and who it should go to and how. Ideally, it also includes directions on how to handle their non-monetary assets, and an audio recording or written stories that pass on their values,...
Even if you put a totally solid estate plan in place, it can turn out to be worthless for the people you love if it’s not regularly updated.
Estate planning is not a one-and-done type of deal—your plan should continuously evolve along with your life circumstances and other changing conditions, such as your assets and the law.
No matter who you are, your life will inevitably change: families change, laws change, assets change, and goals change. In the absence of any major life events, we recommend reviewing your estate plan annually to make sure it continues to work best for you and your family.
Additionally, there are several common life events that make updating your plan more important than ever to ensure you keep your loved ones out of court and out of conflict. Here's a quick guide to know when it's time to call and update your planning.
1) You get married: Marriage not only changes your relationship status; it changes your legal status. Regardless of...