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How Important is Your Parent’s Estate Planning?

Have your parents done their estate planning? This will impact you. If you are the responsible child, it will really impact you. In fact, it will impact you more than your own estate plan. Why? Your estate plan will kick in when you die. It is for your spouse and kids. But at that point, you are dead. You won’t have to clean up the mess of no estate plan or a bad estate plan. (I know I could soften this, but it is what it is).

When your parents die, and if you are the responsible one, guess who is stuck with the work? YOU. If your parents do not have an updated estate plan, you will be charged with picking up the pieces and the time and money it will take to do so. If they have a house, the estate will go through probate – very expensive and time consuming.

Now may be a good time to talk to your parents about their estate plan. Do they have a Living Trust? Do they have a Durable Power of Attorney? Are their documents up to date? Not because you are greedy and want their stuff, but because you are the responsible one and want to make sure their hard earned assets aren’t wasted in probate court or by the IRS.

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