If I aman only heir, how doI insurethat my father’sestate passes to me without hassle?

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If I aman only heir, how doI insurethat my father’sestate passes to me without hassle?

My father is aging and live alone out of state. He has property, cars, life insurance, mutual funds, and several bank accounts. I am his daughter and only heir. He believes everything will pass to me the minute he is gone. What can he do to make sure everything passes on to me and what can be done health wise so I can take of him and his needs?

Asked on December 29, 2011 under Estate Planning, Arizona

Answers:

S.L,. Member, California Bar / FreeAdvice Contributing Attorney

Answered 9 years ago | Contributor

Your father could have a Will prepared which would specify what you are to receive as the beneficiary.  An alternative to a Will would be a living trust.  Your father's  living trust would specify what you are to receive as the beneficiary of that living trust.  The advantage of a living trust  when compared to a Will is that with a living trust you won't have the costs or delays associated with probate.

As for the medical issues, a durable power of attorney will authorize you to make medical decisions for your father if he is unable to make those decisions.  It could specify what type of medical treatment he wants or does not want to have.


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