Many of our recent clients have been older folks whose children (children in their 40s or 50s) have driven the estate planning process. The children have realized that if mom and dad (or the survivor of them) don’t do good comprehensive estate planning, then they will be left holding the bag.
Think about it. As busy as you are working, paying your bills, raising your kids, taxiing them to activities you never even dreamed of when your were a kid, do you have the bandwidth to deal with the death of a parent? No one is ever ready for it, but you can help them prepare.
If your parent’s have real property (a house), or other assets worth more than $100,000, then chances are, you will have to take their estate through probate. Probate is expensive, time consuming and a real hassle. An up to date and funded living trust is the solution to the probate problem and it doesn’t have to be complicated to set up and update.
Your parents may or may not be motivated to do their estate planning. You should be.