You've probably heard the saying "where there's a will, there's a way." Well, that couldn't be more true than when it comes to estate planning. In my previous articles, I've discussed the importance of estate planning, how to get started with your estate plan, and life changes that would cause you to review your estate plan. This article in particular deals with why parents need estate planning.
There's A Way To Provide, It's A Will
Update Estate Plans As Life Situations Change
You may not be able to take your property with you when you go, but having an estate plan will make sure it goes where you want it to go after your death. Whether you are single, married, with or without children, or contemplating a second marriage, everyone should have an estate plan. While the issues confronting each person vary due to their unique situation, it is important that you realize that as your life changes, your estate plan needs to change too.
What type of life changes am I talking about?
Today’s Woman now creates and controls more assets than ever before. Who is Today’s Woman? She is you: a mother, a career woman, grandmother, married, single, divorced, or a combination of these attributes. Whatever your circumstances, you have unique estate planning needs.
Question: My father is 82 years old and has been living with his girlfriend, Barbara, for the past 4 years. Dad has told me many times that he has no intention of marrying Barbara; however, he does enjoy her company. I’ve talked with dad about having a will, durable power of attorney and health care power of attorney. He assures me that he has a will and I’m the sole beneficiary as his only child. I love my dad and want to take care of him and be sure that his wishes are followed. I don’t trust Barbara.