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Old 07-07-2011, 12:25 PM
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Can you suggest the important documents that an elderly person needs to keep for their potential beneficiaries?

I would like to know what important documents an elderly parent needs to keep for their potential beneficiaries. I just want to avoid any grief after the passing away of both elderly parents.

Thanks....



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Old 07-07-2011, 03:24 PM
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“Can you suggest the important documents that an elderly person needs to keep for their potential beneficiaries? I would like to know what important documents an elderly parent needs to keep for their potential beneficiaries. I just want to avoid any grief after the passing away of both elderly parents.”--> I guess fundamentally, the elderly person MAY need to name his/her beneficiary; he/she needs to check the beneficiaries of his/her retirement plans and insurance policies; specifically naming someone means the money of the elderly person can go straight to the beneficisary, rather than through the elderly person’s estate - thus avoiding potential probate taxes, expenses, and legal battles. The beneficiary he designates can be any legally competent person or an entity ,i.e., spouse, children, other friends and relatives, or a trust, a charity, a church, etc. So, it is important that he names a beneficiary and do it properly to make sure that the money ends up where he intended it to go. Having a will is not good enough - he still needs to designate a beneficiary for his life insurance policy proceeds (the money, or death benefit.) Insurance policies and proceeds have nothing to do with his will. This is because a will only applies to his "probate estate," which includes assets other than life insurance -- investments, savings, or real estate, for example. So, you may neeed some professional help/advice; in good times as well as bad, basically you rely on your lawyer's advice to understand and secure your legal rights and financial interests as a beneficiary of the elderly person. Your attorney,in particular estate planning attorney, help you with estate planning and business strategies or etc.. With good legal advice, you are better prepared to comply with and navigate through the complex mazes of governmental rules and regulations,i.e., taxation or etc.



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