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How to Help Senior Citizens in Estate Planning in Los Angeles

Death is uncertain. Distribution of property amongst family becomes important at some point of time. In case there’s a senior citizen in your family, you can resolve this conflict is by making an estate plan to divide the property amongst the family members. To do so, financial and legal advice is required. Estate preparation is a way of speeding up the process of distribution of property. Doing so helps reduce cost and taxes. In case a will is not prepared, the court decides the distribution of properties. Preparing a will is a way of predetermining how properties and resources will be distributed. Preparing Will and Power of Attorney When you’re preparing the will on behalf of the senior citizens, it is advisable that it ought to be verified by legal professionals. The purpose of the will is to help make decisions in case of medical emergencies where the person who holds the possessions cannot make them. A legally prepared will can help put things in perspective. Things needed to prepare a will are all kinds of personal and professional reports. Collect them and have them in order. These could comprise of investment records, bank statements, insurance records, home and mortgage information, if any. All kinds of financial records must be organised. All income tax fillings must also be documented. Estate planning Los Angeles attorneys are fully equipped to help you through this process. File Personal Information Record All kinds of personal information must be recorded. This includes making photocopies of social security numbers, all kinds of online information, their login IDs and passwords, social media networking platform IDs and passwords, blogs, online transaction records, and any other personal information that is found online and offline, no matter how small must be documented and recorded. You can take the help of estate planning Los Angeles attorneys for doing this. Designate a Reliable Caretaker and Have a Backup If you are not available all the time, designate a caretaker who has the best interest of your parents or other senior members in your absence. Always have a backup plan in case this person is not available. While drafting a will Make it a point to enlist that the caretakers honor all the choices made by your parents. Carefully decide who to give the power of attorney in case your parents fall sick. In case of their illness or death, bills have to be paid. Designate a reliable person to handle their finances in case of your absence. All these details can be drafted with the help of estate planning Los Angeles attorneys. Things to Remember If no one is designated the power of attorney, the immediate heir can take over the financial arrangements of their parents. Since wills are always tailor made, you have to ensure that you are well versed with all the details and there are no chances of discrepancies in these documents. In any case you can always contact the estate planning Los Angeles attorney. Always encourage your parents to include Medicare options and avail long term Medicare insurance. You can consult the Estate Planning attorney at Leventhal Law Group, P.C. to get personal assistance for your situation on this. Call 818-347-5800 for a free consultation now.

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