Lost my mother last year, and my dad is eager to get his will updated.
We met with a lawyer, the Estate Planning type.
In addition to the Will he suggested Durable Power of Attorney and Power of Attorney for Incompetence.
I never thought about those, but it is VERY obvious after the lawyer mentioned it.
Everyone knows they are going to pass on, but it probably not going to be like flipping a light switch, so there are other contingencies to prepare for. Mental capacity or illness, mostly.
Durable Power of Attorney - for if / when he becomes incapacitated someone can be designated to handle general financial matters such as mortgages or other payments.
Incompetence or incapacity - Another Power of attorney for if / when he lacks the mental capacity to understand and make informed decisions regarding their personal and financial affairs.
If or when these things happen, he has already designated who can act on his behalf and what his wishes are, like if he does not want to spend long time on life support and other quality of life wishes.
Better to get this settled now than have the court decide when it is happening. This is cheaper, and more importantly, helps ensure that his wishes are carried out.
I really liked the lawyer and think it is probably worth the 800 plus dollars.
Not fun stuff, but I feel VERY good about doing this. My Grandparents and my mother had wills, but there were some complications towards the end when they were in the dying stage of life (sick, mostly incapacitated for weeks or months). Paying their bills and being able to move funds from retirement accounts is necessary and DIFFICULT or expensive if no one is designated to do so.
Immedient family is just my sister and myself, there are few close relatives, and probably not a ton of $$$ or valuable items to be inherited.
Nothing is bullet proof, but I think this will make things go smoother,
I recommend everyone do this before it is too late.