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Florida parents to keep children informed about estate plans

Mar 7, 2017 | Estate Planning

While it is important for everybody to draft wills and establish estate plans, it is also essential for children to have some knowledge of their aging parents’ plans. Florida families that are fortunate to still have their parents around may have a few questions to ask them before they are unable to provide the answers. Not knowing where their wills were left for safekeeping can make things tough for surviving family members upon a parent’s death.

The first question to ask may be whether the parent has a will, other estate plans and life insurance. It is not essential to know the details of the will other than where it is kept and whether it is up to date and being revised at regular intervals. It is also important to know whether parents have advanced directives in place that will give somebody the authority to make medical decisions on their behalves when necessary.

It may be wise to ask a parent to specify the locations of assets and funds in the will, along with combinations of safe deposit boxes and access codes, account numbers and passwords for other assets. This must include online account information for commercial accounts, social media and email. Although it might seem a morbid conversation to have, parents might have definite ideas and wishes about the memorial services upon their deaths, along with the wording on their headstones.

Florida children who are unfamiliar with the financial advisors and attorneys their parents used for estate planning will need to ask for those details. Parents draft estate plans to ensure their wishes are carried out when they die; knowing that their children have the necessary information to make sure everything goes as planned can produce an extra level of peace of mind. The same might apply for children who know their parents’ affairs are sorted.

Source: FindLaw, “Top 7 End-of-Life Questions to Ask Aging Parents“, George Khoury, March 1, 2017