Did you know that less than half of the adult American population have completed their estate plan? With that said, have you just learned from your parents that they have created their estate plan? We know that you must be very relieved that they are now protected by having a decision maker in place during a time of crisis. However, were you surprised to learn you were the person who was chosen to make decisions for your parents in the event they were incapacitated? We know you probably have many questions now that you are named in your parents’ estate plan. How do you get the answers? Do you need to know what your duties and responsibilities actually are as a part of this process? We have five questions you could ask right here.
1. There is a crisis, what do you do now? First, you need to talk to your parents about what they would want you to do in a sudden crisis. Now this crisis could be anything from being in a coma due to a serious accident to being stuck overseas due to a flight delay. What is your role? What are your parents expecting you to do? Having a plan in place now, before the crisis, is the best discussion to have with your parents and will help guide any decisions you make when it comes to successfully navigating the crisis.
2. Health care decisions need to be made, are you in charge? As part of their estate plan your parents would have included health care planning. Your parents will have named each other as decision maker, but if they were both incapacitated they need a second decision maker named and that is you. So, right now you need to know what they want for their health care. Start with the basics: What do they want for their general care? What is their goal for long-term care? What would they want if they were on life support? Honestly, these are tough questions, but you need to know their answers to learn what they would want so you can act in their best interest in any health care situation. Also, we recommend that you keep and maintain a current list of their diagnoses, doctors, specialists, and medicines.
3. Finances, who is in charge? It would not be surprising to know that you have little knowledge of your parents’ finances. If you have been put in charge and been named as the agent in their durable power of attorneys or a trustee in their trust, now is the time to learn. You can ask your parents questions about where they invest, who they work with, and what type of management fees they pay? Find out whether they have life insurance or other policies with beneficiaries that might pass outside the estate plan? Are all their planning tools current? As soon as you can, start this discussion with your parents so you know what to expect should you need to step in.
4. Do your parents have a legacy they want to leave behind? In addition to protecting themselves, does a part of your parents’ estate plan protect what they want for their future, their family, and their legacy? Do they have a legacy they wish to create? What goals do they have for you in continuing their legacy? Discuss with your parents what their vision is so that you can see it come to fruition if they should pass away.
5. Should you meet the Florida estate planning attorney for your parents? If it is okay with your parents, it would be good to know and even meet their Florida estate planning attorney. There is no doubt that successful Florida estate plans have an experienced Florida estate planning attorney behind them. Ask your parents the following questions: Who did your parents work with? What will be your relationship with them? Where do the original documents live? Can you meet the attorney in advance to make sure you understand your roles and responsibilities? Be sure your parents know that you are willing to meet their attorney if they want you to.
Being named within your parents’ estate plan brings serious questions that you need answered. Elder and Estate Planning Attorneys, PA, is a law office small enough to provide personal service but large enough to provide service in Jupiter, as well as Palm Beach, Martin, St. Lucie, and Indian River Counties in Florida. Our law firm will guide you through legal challenges involving elder law, estate planning, trusts, veterans benefits, real estate, and more. We encourage you to contact us and schedule a meeting with our attorneys.