3 questions to help your parents with estate planning

On Behalf of | Jan 20, 2021 | Estate Planning |

Many times, family members do not find out about their loved one’s estate plans until after the person dies. As an adult child, you also might not know about your parents’ wishes for their assets. 

By setting up family meetings with your siblings and your parents and asking the right questions, you can get a better idea of what your parents really want. 

1. Do you have a list of all your trusted contacts?

Make a list of the people your mother and father trust. Ask them about any insurance agents, financial advisors, estate attorneys, physicians and tax preparers. Include the names and contact information of these individuals. 

2. Who are the named beneficiaries on your accounts?

Your parents might have individually owned assets such as bank accounts, assets or taxable investment accounts. To find the names of the beneficiaries on these accounts, look for POD or TOD on the statements. If you parents have accounts that do not already have named beneficiaries, you can help them make decisions. 

3. Where are you storing your legal documents?

Ask your parents where they store their important paperwork and legal documents. Know how to access them when the time comes. If it turns out that your parents do not have an estate plan in place, this is a good opportunity to speak to them about drafting the appropriate documents such as a will. 

Overall, these difficult discussions with your parents about their end of life plans may feel overwhelming in the moment, but knowing this information ahead of time may lessen stress later.