It is important to make sure one’s parents have a Last Will & Testament and other estate planning documents that will limit emotional stress after they pass away. The following are a few tips to consider if a person is contemplating discussing estate planning matters with their elderly parents.
Having a frank discussion with one’s parents is something that should be planned. It is suggested that that Florida residents make a list of the various topics and questions they want to cover in the discussion. A date and time for the conversation should be scheduled that is convenient and at a location where everyone feels comfortable attending.
Several conversations might be necessary since it may be too much to get through in just one meeting.
There are a number of important people in the parents’ lives that one will need to contact for estate planning purposes. Family members should ascertain the names and contact information of the following individuals: physicians, attorneys, financial planners, accountants, stockbrokers, insurance brokers, religious clergy, and close friends, among others.
A goal of this discussion should be to determine if one’s parents have existing estate planning documents and whether they are up to date. If they were created more than five years previously, then the children or family members should ask if their parents are willing to review and possibly update the said documents to reflect their current wishes and take into account any changed circumstances. One should also be made aware the location of such documents and, if possible, the identity of the Agents and/or Personal Representatives. They must discuss that each type of document or instruments has a different purpose for a different time. Last Wills take effect after death and is for the distribution of assets and to pay debts of the parent’s estate and the Personal Representative is the one who named to be in charge of said estate.
Financial and healthcare powers of attorney, each appoints someone (an Agent) to manage either their financial affairs or makes medical decisions if said parent becomes incapacitated during their lifetime.
For end-of-life wishes or decisions, a proper discussion should include getting the following directives such as Durable Power of Attorney for Financial matters and Property Management, Healthcare Surrogate for medical decisions and obtaining medical records or HIPAA protected/private/confidential information, Living Wills with general or specific instructions regarding the withdrawal or termination of life support under specific conditions or the type of care they would like and whether life support should be used to keep them alive or not. There are also Physician Orders for Life Sustaining Treatment (POLST) as well Do Not Resuscitate Orders (DNR’s). These documents are explicit directives regarding the type of treatment parents, who are the makers or Principals, would or would not desire.
Children or family members should inquire about and make an itemized list of assets, bank accounts, brokerage accounts, life insurance policies, health insurance policies, long term care, disability, home insurance, government benefits, pensions, liabilities, and debts, among others.
The foregoing is a brief general overview of the subject.
If you have any additional Questions regarding the foregoing or have any legal issue or concern, please contact the law firm of CASERTA & SPIRITI in Miami Lakes, Florida.