Having to sit down with your parents or someone else you love to find out if they have an estate plan is difficult. It forces you to face the fact that they won’t always be around. Taking the time to do this helps to ensure that they have things ready so you won’t have as much to worry about when they do pass away.
There are several things that you need to think about as you have this conversation. It can help you to find out what they want to happen. It’s a good idea to clarify things that you’re uncertain about. Here are two key questions to ask:
Who has their powers of attorney?
Your loved one should have someone named to handle their financial decisions and their health care decisions if they’re incapacitated. The person who’s named for each can discuss what decisions they should make so they have an idea of what to do if they’re called to step into those duties. If they don’t have powers of attorney in place, they should.
What are their final arrangements?
While it’s not part of the official estate plan, be sure that you know what your loved one wants to be done for their final arrangements. Some people will want a funeral while others just want a memorial service. Do they want to be buried or cremated? Knowing this now can help you make plans when the time comes.
All adults should have an estate plan in place. Talking to any loved ones who are up in age about their estate plan can help you to ensure that they have something in place in case they pass away. While you’re thinking about it, you should create your own estate plan if you don’t already have one in place.