- To ensure appropriate people step in to handle their financial and health-care-related decisions upon their incapacity and death. It will help avoid court intervention such as guardianship or probate proceedings.
Most people include these documents: a will, power of attorney for financial matters, power of attorney for health care matters, a living will and revocable living trust.
These documents will ensure the appropriate people are there to handle your financial and health needs.
- To minimize unnecessary administrative burdens and costs
Whether with health or the death of a spouse, having a plan will help reduce the stress and cost.
Determine what will constitute “incapacity” in the future with your parents health.
- To minimize taxes
With tax laws changing every year, flexibility can be built in to trusts to accommodate future needs.
- To preserve their assets
Solicitors can scam your elderly parents and could end up effecting credit and financial stability. Make sure there is the appropriate person helping your elderly parents watch their accounts, as well as security in place for personal property, jewelry, artwork, heirlooms etc.
- To distribute assets to their loved ones in a manner that minimizes disputes and protects the inheritance from creditors, predators and divorce.
Designate recipients of personal effects, personal property, family heirlooms, jewelry, artwork etc.
Develop plans for a family business or family vacation house that everyone agrees on.
Locate assets and create a summary of bank accounts, investment accounts, insurance policies so that they easy to locate in the event of a spouse’s death.