It can be intimidating to get estate planning right in Tennessee, especially when it’s for your aging parents. But the truth is that with a little effort, the process can go smoothly. One way to help everything go well is to make sure that the estate plan includes all the necessary documents.
A will
A will is probably the most important document to include in estate planning. It serves as your last instructions for what should happen after your parents die or become incapacitated. It also makes sure that everyone gets their rightful share of estate assets. Just remember that a will doesn’t need to be overly complicated. A simple will that addresses basic estate needs is sufficient enough to give your parents’ estate a good start after they pass away or become incapacitated.
Financial information
This includes bank account details, insurance plans and other estate assets. If you think that it might be difficult to get this information from them, you can always put together a questionnaire during estate planning. This way, they won’t feel like you’re prying into their personal lives, and it will still give them the opportunity to tell you all about their estate assets.
Beneficiary designations
This is very important when it comes to estate planning. A beneficiary designation determines who will inherit your parents’ estate assets in the absence of a valid will. It’s always sensible to make sure that you know all about their estate designations and, if need be, talk with them about updating for clarity’s sake.
Durable power of attorney
This estate planning document allows your parents to appoint someone who will have the authority over their estate assets when they are no longer capable of making decisions on their own. This way, estate distribution can still happen smoothly.
Keeping these documents in mind will give you a good start on estate planning. Just remember that estate planning is not only about protecting the estate assets: It’s also for making sure that your parents can go through life with confidence knowing that their affairs are in good hands.