Failing to draft a legal Will presents a couple of big obstacles when a parent dies
Firstly it can create a huge scramble as you try to piece together their financial position while at the same time grieving their loss. Secondly, it can be very expensive. It’s not always easy talking to your parents about their estate plan and their Wills but it is really important.
And its not just a job for the wealthy – it’s for anyone. If you think “they don’t have assets”, the ordeal of trying to figure out what they do and don’t have can be long and difficult and often causes strain on relationships which can be avoided by it simply being written down by them in for form of a will.
An estate plan is a way to consider and document how to handle life’s inevitabilities. Part of this is asking your parents about their assets and liabilities and ensuring there are good records in place. This is not just about the numbers and paperwork—it is about assessing preparedness.
Some questions to consider asking your parents include:
- Who do you want as your primary caregiver?
- What are your medical care preferences?
- Which of us should make medical decisions on your behalf?
- How should we handle your property when you die?
- Do you have any valuable items that you want to be handled in a special way?
- Where are your most important documents and do we have access to all of your digital records?
Probate is a typical requirement to allow a Will to be enacted
With a valid Will in place this can be a relatively quick and easy process. However dying without a Will in place (dying intestate) can create a lot of problems. Usually this will involve lawyers, legal expenses and significant time and effort to resolve.
The same applies for documents that protect medical decisions and financial decisions in the event of incapacity – Enduring Power of Attorney, Appointment of Medical Treatment Decision Maker and an Advanced Care Directive.
