Ask Terry Questions Estate Planning

Estate Planning

By Terry Savage on February 04, 2021 | Financial Planning / Retirement

Hi Terry,
My son is 44 , single and never married , should he do a will and other documents on estate planning? He has a condo and is paid-off. Retirement accounts have both of his brother and sister as beneficiaries. I told him don’t put my name as his beneficiary because I am old . He lives in Wisconsin, does he has to go to a lawyer who practices in Wisconsin or he can go to any lawyer in any state to do his will, power of attorney for health care and finance, and a living will ? What he needs to do for his condo, would a will take care it?
Thank you and stay well!

Terry Says

Yes, in his case, a simple will and a power of attorney for healthcare and finances will do the job, considering he has named beneficiaries on his retirement accounts. He might add you as co-signer on his daily checking account so you could have access to pay bills like mortgage if he is incapacitated. He should consult an estate planning attorney in his state of residence.

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