If you haven’t had a conversation with your parents about handling their financial affairs after they die, this article is required reading. Finances tend to be one of the trickiest topics because people do have traditional ideas about what you should and shouldn’t talk about. Before you broach the topic, adult children should think about the sort of information they are seeking. Adult children might also ask to tag along on a visit to their parents’ lawyer or financial advisor.
One common tool is a revocable trust. This is a tool often used to avoid probate and allow assets to immediately transfer to beneficiaries. For the trust to work, all assets need to be retitled to the trust. Upon death, the named trustee will go about distributing assets according to the instructions in the document.
Everyone’s situation is different and its important to speak to an attorney or financial advisor to make this transition period as easy as possible. To read more on this topic and one woman’s tale please CLICK HERE.