A well thought out plan can eliminate very costly legal and other professional expenses as well as the emotional toll that could occur by leaving matters to chance. Do you know what plans your parents have made, if any, for their (a) long term health issues, (b) transfer of authority to make financial decisions if they cannot or (c) transfers at death that could protect the surviving family members from creditors or unnecessary taxes. The more you know about your parents’ plans increases the likelihood that they will actually occur. Your parents should concentrate on creating and updating their wills, trusts, advanced directives, and durable powers of attorney. Anyone who was required to seek a court appointed guardian or has been involved with a will contest will tell you how emotionally and financially troubling the process is.
