A checklist is a good tool to help parents with estate planning

Many adult children in Georgia are currently helping their aging parents in various ways as they enter their Golden Years in life. For some, this means finding appropriate nursing facilities for parents who can no longer live independently. Others are more focused on the estate planning process, especially if a mother or father has asked a son or daughter to administer an estate when the time comes or to act in some other designated capacity.

Others who have assisted their aging parents as they execute solid estate plans say that a first logical step to take is to create a checklist. Since the process of planning an estate is customizable, so too is developing a checklist. There are, however, common factors that may serve as an overall guideline.

One piece of information many people include in their checklists is an itemized list of contacts regarding people who serve key roles in the financial or medical circumstances of estate owners’ lives. It also helps to include all pertinent access information concerning bank accounts and insurance-related matters. Generally speaking, it’s best to simplify a checklist as much as possible; however, any details regarding beneficiaries, documents (such as trusts, wills, etc.) that will be executed in a particular estate plan and any other information deemed important may be included on a list.

Creating a thorough checklist ahead of time can help alleviate potential stress involved in the estate planning process. An adult child helping aging parents get their affairs in order may also want to consult with an experienced Georgia estate planning attorney. An attorney can also periodically review an existing plan and help with any updates or changes, as needed.

Source: guidance.fidelity.com, “Helping Your Parents Plan for the Inevitable: An Estate Planning Guide”, Lisa Predella, Accessed on Sept. 13, 2017

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Kevin Tharpe

With 25 years of experience, Kevin understands how estate planning, special needs planning, and government benefits programs work together. This is a crucial element of a thorough plan. He explains your eligibility for benefits programs and ensures that you do not make costly mistakes that may disqualify you or deplete your assets.

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