Answers To Your Questions After Losing A Parent
The bond between a child and parent does not end once the child becomes an adult. Many people continue to rely on their parents for support and guidance long after they have become adults and even when they have families of their own. If your last surviving parent has recently passed away, you likely have many questions. Below, our St. Petersburg estate planning lawyer outlines the most common questions asked in these situations, and the answers to them.
Do You Need to Create a List of the Property Your Parent Owned?
Yes, it is extremely important that you have a thorough understanding of all the property your parent owned. While you may immediately think of their vehicle or their home, you also need to consider investment accounts, stocks, digital currency, and insurance policies.
How Can You Determine the Income Your Parent Received on an Annual or Monthly Basis?
It is important that you make sure you have access to financial accounts so you can better determine if they received any annual or monthly income. Sometimes, determining the amount of income your parent received is as easy as checking their mail. If you do not have legal authority to access certain accounts, it is important to speak to an estate planning lawyer who can advise on your case. Certain income must be returned if it was received after the death.
Should You Keep Track of Bills in Your Parent’s Name?
Yes. You should keep any bills or relevant information that comes in the mail or that is received in another manner. You should also safely store any receipts or invoices that show you paid for a certain expense. For example, you may continue to pay your parent’s mortgage and utilities until their home is sold. It is important to have all of these receipts and bills so your estate planning lawyer can help you manage them.
Did Your Parent Have an Estate Plan?
Maybe you do not know if your parent ever created an estate plan. Alternatively, you may know they did but you are unsure of where their Will or trust is stored. A St. Petersburg estate planning lawyer can help you answer your questions regarding your parent’s estate plan, while also helping you locate the necessary documents.
Have You Drafted Your Own Estate Plan?
After a parent’s passing, it is not uncommon to start thinking about your own passing and wanting to be as prepared as your own parents were. If you inherited assets from your parents, you may also be thinking about what you want to happen to those assets upon your own death. Regardless of what led you to start considering estate planning, it is critical that you speak to a lawyer who has the necessary skill and expertise to help you create a plan that works for you.
Our Estate Planning Lawyer in St. Petersburg Can Provide Sound Legal Advice
Estate planning is a complex area of law and in order to obtain the protection you need, it is important to speak to a St. Petersburg estate planning lawyer who can advise you of the law. At Legacy Protection Lawyers, LLP, our skilled attorneys can advise on your parent’s estate plan, as well as your own, and help you through the appropriate process. Call us now at 727-471-5868 or contact us online to schedule a consultation.