Many adult children are well-informed about their parents’ estate plans. Unfortunately, some of them have no idea about what it entails or that it even exists at all.
If you are in the dark concerning your parents’ estate plan, consider asking them the following questions:
Do you have an estate plan in place?
This is the first question you should ask. Over 2/3 of Americans lack an estate plan, and if you want to be sure that your parents aren’t part of this statistic, inquire about it as soon as possible.
Have you chosen someone to be your power of attorney?
If your parents selected an individual as their power of attorney, scrutinize the individual to learn their views on medical/financial matters. If they have not chosen anyone to serve as a power of attorney, you or another trusted person could offer to do the job.
Which type of estate plan do you have: a will or a trust?
It’s essential to know if your parents have a will or trust, especially to protect their privacy. That’s because a will needs to go through probate and is only effective upon a testator’s passing. In contrast, a trust is exempt from probate and goes into effect immediately.
Is your estate plan up to date?
Having an up-to-date will or trust ensures the appropriate distribution of assets. An outdated estate plan can cause problems like a sibling missing out on their entitled share of property or money because they were born after your parents drafted their will/trust.
Some adult children are reluctant to ask their parents estate plan-related questions because they don’t want to appear intrusive or noisy. But, inquiring about them ensures their wishes go according to plan. If you and your parents need assistance with estate planning, it helps to reach out to legal guidance.