From the day you entered the world, you probably began relying on your parents for food, love, shelter and care, but at some point in your life, you can expect your roles to reverse. No one likes to think about parents getting older and nearing the ends of their lives, but the better you and they prepare for the change, the more smoothly the transition will likely go.
When you sit down with your kids for a serious discussion about inheritance matters, you may be tempted to focus on the money aspect. After all, that is probably the important thing in their minds, especially if you have a sizable estate.
Selecting an executor is an important part of planning your estate. If your plan includes a will, it is important to understand the executor's responsibilities and make sure the individual you select will be able to handle them well.
Many parents plan dutifully to ensure that their children will be cared for when they pass. Perhaps your parents have pensions or savings that they have built up. If so, you obviously want to protect the fruit of their hard work and ensure that nothing threatens the financial security they have established.
As you help your aging parents with their estate plans, you may wonder if they both need a will or if they should get a joint one, especially if they agree on the distribution of their assets. Even if they have the same desires, they should have their own wills.
With so many tools available online today, it can be tempting to create an estate plan on your own. While you might think you will save a lot of money and hassle with a DIY approach, it can come back to bite you or your heirs. The truth is, bypassing an attorney to get your estate planning documents can result in a plan that does not work or follow the proper laws.
Selecting an appropriate executor for your will ranks among the many important decisions you need to make as you plan your estate. Understanding the duties of an executor in New York can help you make the right choice.
As you prepare for your second marriage, it is imperative to take another look at your estate plan. Entering another marriage means you will have a blended family. Without proper preparation, there can easily be inheritance conflict once you pass away. You should take certain preventative steps to keep the peace among family members.
Coming to terms with the fact that your parents are aging is hard. You might be uncomfortable thinking about it, and your parents might be uncomfortable talking about it. While there may be valid concerns, there are still benefits to discussing important end-of-life matters. By helping an aging parent plan now, you can save time, stress and money.
As you help your parents with their estate plans, you are probably using the internet as your primary source of information. You will also find plenty of free or low-cost legal forms you can fill out, such as wills and advance health directives.