something were to happen to one of them....
they did a will done when i was about 6 - now I am 21 - somethings in it have changed - (people need to be taken out)how do they update their will? My mom has been in the hospital for almost 20 days now and almost died -- it made us more aware that we need to be prepared -- it is just me, my mom and my dad...what forms do we need -- like power of attorney? They want me to make all decisions and take ownership of their property. Names of the forms we need and any examples or personal experiences are always wonderful!
thanks!!!!
2007-02-09 12:57:11 · 7 answers · asked by doubt133 2 in Politics & Government ➔ Law & Ethics
Your parents need to update their will with a Codicil or write a new one. They probably need a durable living will explaining their wishes about resuscitation, and a power of attorney. The power of attorney should be a general power of attorney and for a long enough period of time to make sure it is long enough.
NO, you should NOT take ownership of their real property, unless advised by a tax lawyer first. They may live a lot longer and what if YOU got run over by a car? You might be doing yourself a horrible disservice by taking their property. You might have to pay a LOT of taxes and even have to sell the place to pay them while otherwise if you inherited you might not have to.
YOU need to see an attorney. Most of them give the first consultation for free. Go talk to one immediately.
2007-02-09 13:11:15 · answer #1 · answered by plezurgui 6 · 1⤊ 0⤋
You need to seek the assistance of an attorney -- the will should be updated, you or someone should have power of attorney and the delima of property needs to be settled before they become unable to sign the necessary papers. A living will can be useful too but sometimes difficult for family members to discuss.
2007-02-09 13:05:56 · answer #2 · answered by pilot 5 · 1⤊ 0⤋
Get yourself an attorney, they will let you know what forms you need. You really should do this now with your mom being ill. You will have to deal with some difficult tasks, but when it's done, that worry will be gone.
2007-02-09 13:04:31 · answer #3 · answered by kathy059 6 · 1⤊ 0⤋
A living will and a power of attorney
2007-02-09 13:11:52 · answer #4 · answered by Anonymous · 0⤊ 0⤋
There is no one right answer. Here's a typical plan: An advanced health care directive (aka a living will). A living trust with each parent and yourself as a co-trustee, and in the event of their death you as the sole successor trustee. A pour-over will into the trust.
Really, it depends on the type of property they have and how it is held. especially real property
2007-02-09 13:02:43 · answer #5 · answered by obamaforprez 2 · 1⤊ 0⤋
a durable family power-of-attorney, a living will, and a medical power-of-attorney.
2007-02-09 13:00:53 · answer #6 · answered by patriot07 5 · 1⤊ 0⤋
you need to get in touch with an attorney they will do everything for you
2007-02-09 13:01:52 · answer #7 · answered by BlessedMommyof3.. 5 · 1⤊ 0⤋