Father's Will

[marylandwoman]

What is the name of your state? Maryland - father lives in Virginia

My Dad has appted me POA while he is living. He has a will that leaves everything to my mother. Now, after months of her deteriorating mental condition, he is considering changing it.

He now wants to leave some assests to her and some to the 5 children. He is not sure whether to get a new attorney to draw it up or use the original one.

What do you recommend? Some folks have told me to recommend he sets up a trust for my Mom and a separate trust for the kids with the remaining assets. What kinds of trusts should these be? My MOm has ample assets in her name now to last her for many years - she is 82 and he is 90.

Thanks-

 

[BlondiePB]

What is the name of your state? Maryland - father lives in Virginia

My Dad has appted me POA while he is living. He has a will that leaves everything to my mother. Now, after months of her deteriorating mental condition, he is considering changing it.

He now wants to leave some assests to her and some to the 5 children. He is not sure whether to get a new attorney to draw it up or use the original one.

What do you recommend? Some folks have told me to recommend he sets up a trust for my Mom and a separate trust for the kids with the remaining assets. What kinds of trusts should these be? My MOm has ample assets in her name now to last her for many years - she is 82 and he is 90.

Thanks-

Does dad have any dementia?

 

[marylandwoman]

Father's Will, continued

No, Dad, who lives in VIRGINIA, has a mind that is as sharp as a tack. It is that, combined with the fact that he sees my Mom's mind slowly deteriorating - (my husband and I are there regularly and can attest to both of their states of mind.) that is causing the concern over leaving everything to her -- especially if he dies and she goes into an ALFacility as she has mentioned. May meet some guy and get remarried and boom - there goes her money....

She already has a sizeable amount of assets to keep her comfortable, but will be much more of a target should she receive everything and not disburse a good portion to the 5 kids soon after my Dad's death.

Hope this helps you in your examination of this situation!

 

[BlondiePB]

No, Dad, who lives in VIRGINIA, has a mind that is as sharp as a tack. It is that, combined with the fact that he sees my Mom's mind slowly deteriorating - (my husband and I are there regularly and can attest to both of their states of mind.) that is causing the concern over leaving everything to her -- especially if he dies and she goes into an ALFacility as she has mentioned. May meet some guy and get remarried and boom - there goes her money....

She already has a sizeable amount of assets to keep her comfortable, but will be much more of a target should she receive everything and not disburse a good portion to the 5 kids soon after my Dad's death.

Hope this helps you in your examination of this situation!

Thank you. Your concerns are understandable. Dad is the one who must decide what to do with the assests. Trusts are very good ideas. Yes, dad needs to have all this drafted by an Estate Attorney. It would be a very good idea to have dad seen by his physician prior and after making any changes in his estate to document that dad is "sharp as a tack" to make such changes. The decision of what attorney to draft new documents is up to dad to decide.