Every year I'm reminded that we're all getting a little older. How can I help my parents prepare their estate?
Choices Made Clear
Speaking with your parents about their estate plans can be intimidating at first, but it is well worth the effort. If they have made plans, remind them that they need to notify the co-executors of the estate. The co-executors are the ones who will act in place of your parents, should that need come up. If your parents do not have plans, it is important to explain how having everything planned helps ensure that their wishes are met. For example, your parents might want to leave money to a charity. Naming the charity in their estate plan gives them peace of mind. Lincoln Law Partners can set up an estate plan to meet any specific requests of the benefactor.
Prepare Now, Save Time and Money
When your parents set up an estate plan now, it can save your family time and money later on. The estate plan makes it clear how everything will be divided up, according to your parents' wishes. Not having an estate plan means dealing with Illinois' predetermined system of splitting all shares equally to any children. Even if you are an only child, and your parents leave no will, you will have to navigate through Illinois' process of establishing yourself as the heir to their estate.
Health and Property Decisions
In their estate plan, your parents have the ability to determine what happens to any self owned businesses or property in the event they are to ill to act. They also have opportunity to decide what type of end of life care and decisions they want. It's good to have these decisions made when people feel comfortable and clear headed. Making these choices when someone is already sick can be frustrating and can cause disputes. Simply having a plan can give comfort during difficult situations. Talking about these subjects is also a good opportunity to speak with your parents about thoughts on nursing home and hospice care.