When a parent passes away, having affairs in order takes the admin part of things out of the equation. Meet Sarah. Her parents are getting older and still need to organize their affairs.
Without an estate plan in place:
Medical records are sealed, and health care decisions are delayed
A petition must be filed with the court to name Sarah as conservator and grant her financial power of attorney
Locating assets and important papers is nearly impossible
At death, assets are subject to probate
Sarah has to hire a lawyer to probate the estate
Creates 12 to 18 months of hassle and distraction
With an estate plan in place:
Sarah has immediate access to her parent’s medical records
She is automatically empowered to make health care decisions on her parent’s behalf
Sarah is automatically empowered to pay bills and maintain her parent’s financial affairs
There is no need to involve the court or hire a lawyer to probate her parent’s estate