Most of us spent the holidays with family members that we don’t see as often as we like or should, including aging parents. Many Americans now live in different cities or towns from their parents, so can’t get real peace of mind by dropping in for a check on their health and happiness.
If you have not had a discussion with your aging parents about their finances, retirement and estate planning, consider beginning that important talk with these 7 key questions that you need the answers to:
1. Have you made a will and, if so, has it been updated to reflect any changes since you made it?
2. Do you have an estate plan in place? Is a trust part of that plan?
3. Have you created a written inventory of your assets and debts, a list of your bank and credit card accounts with passwords and other important financial data? If so, where is that information being kept?
4. Have you done any retirement planning?
5. Have you reviewed your beneficiary designations for life insurance policies, retirement and investment accounts lately to be sure they are up to date?
6. Is the executor of your estate fully informed on your last wishes?
7. Have you executed an advance medical directive so your family is aware of your wishes for medical treatment in case you become incapacitated? Do you have a Living Will that spells this out?
We can help you and your parents with estate planning and retirement planning strategies; contact our Newport Beach law office for more information.