Get Your Recently Widowed Parent Organized
An article on Nolo.com provides a great checklist of action items for getting your recently widowed parent’s affairs in order after the death of their spouse. Their recommended action Items include:Assets. Take inventory of brokerage accounts, bank accounts, retirement plans, insurance policies, real estate, items in safe deposit boxes, etc.
Life Insurance. Determine whether your parent is the beneficiary of a life insurance policy. If so, submit a claim for benefits.
Benefits. Determine benefits your parent may be entitled (e.g., pension, veteran’s benefits, social security, etc.)
Jointly Owned Assets. Change the title on any property s/he owned jointly with the deceased spouse. The title should now show that s/he owns the property alone.
Will and Trusts. Update your parent’s plans for leaving property at death.
Avoid Probate. Change title documents and review your parent’s estate plan.
Insurance Policies. Modify, cash out or cancel any policies on which your deceased parent may be named as the beneficiary.
Living Will. Have your surviving parent prepare a living will to communicate his/her health care wishes and name a trusted person to oversee care, if need be.
Financial Power of Attorney. Have your parent name a person to handle his/her financial matters in the event s/he becomes incapacitated and unable to handle his/her own affairs.
Documents. Help your parent set up a well organized filing system so you can find paperwork when it is needed.
Link to Nolo.com for more additional details.
If you enjoyed this post, please consider to leave a comment or subscribe to the feed and get future articles delivered to your feed reader.
Comments
No comments yet.
Leave a comment