A guide to financial planning when your parents get older. Cover estate planning, wills, and trusts to avoid probate fees. Start these conversations early, before a health crisis forces rushed decisions.
This can be an awkward conversation with a parent, but it is something that we need to open up the conversation because there are things that may be available to them. You want to make sure that they have estate documents in place. You want to make sure that they have a will. You want to make sure they have a trust with a will, a power of attorney. A will will only start to govern the things when they die. So it starts when they die. A trust starts when the ink dries. And if you have a trust in place and everything's titled in the trust properly, you AVO probate, you don't have to pay those fees.
