How To! How To Plan an Estate (Before It’s Too Late)
Dec 3, 2024
In this enlightening discussion, M.P. Dunleavey, a journalist and aging expert, sheds light on navigating the complexities of estate planning. She helps André tackle the daunting task of preparing for their parents' future care while dealing with their reluctance to share crucial information. Topics include drafting essential paperwork, communicating with family, and the emotional challenges of being an estate executor. M.P. emphasizes the importance of open dialogue and suggests involving neutral parties to ease tensions. Prepare yourself for invaluable insights!
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Asset Inventory
- List all parents' assets, including real estate, vehicles, and accounts.
- Determine ownership and beneficiaries, as beneficiary designations can override wills.
Debt Assessment
- Assess parents' debts, including credit cards and loans.
- While survivors aren't responsible for parents' debts, it impacts inheritance.
Estate Documents
- Identify existing estate documents like wills, living wills, and powers of attorney (POA).
- Understand POA types: durable POA activates upon signing and lasts throughout the person's life.