A guide to helping your parents - USAA

Step Two : Review
legal documents
Organize the estate
Spend time now ensuring proper legal documents and
instructions exist so you can help ensure your parents’
wishes are carried out. Your parents' advisers may
assist you in understanding their arrangements.
Review your parents’
arrangements…
Wills
Wills determine what happens to money and
possessions and who becomes the guardian of
minor children. Review your parents’ wills if changes
occur due to marriage, divorce, adoption, inheritance,
or relocation to another state.
Living Wills
Living wills can specify your parents’ healthcare
instructions should they become too ill to state
their wishes.
Durable Powers of Attorney
These can be separate documents for legal matters and
healthcare decisions. They specify who will make decisions
for your parents if they can’t. Powers of attorney are
prepared by an attorney under state laws and should be
reviewed about every five years.
Trusts
Trusts legally hold property for the beneficiaries. Your
parents may use a trust to have some control over how
heirs will use assets. Trusts may allow an estate to avoid
probate and reduce federal estate taxes.
Business Assets Transfer
If your parents are business owners, they can predetermine
what will happen to their business assets through legal
documents and possibly life insurance.
Check for other instructions
Letters of Instruction
Your parents may use these documents to specify funeral
wishes, people to contact, where to find their wills, tax
returns, insurance policies, and other key papers.
Funeral Arrangements
Find out if your parents have preplanned final arrangements.
Knowing this can relieve stress at a difficult time and can
help control the ultimate cost of a funeral.
Tax Consultant/Financial Adviser
Your parents may want your help with tax matters or to
consult with their tax or financial adviser to determine
steps necessary to minimize or eliminate the impact
of federal or state estate taxes. Their advisers may also
be aware of additional instructions regarding your
parents’ finances.
Investment Adviser/Broker
If your parents’ investments are managed by a professional,
you should be aware of their basic investment holdings in
case you need to help make decisions.
RECORD INFORMATION IN THE BOXES BELOW:
Wills
Location:
Living Wills
Location:
Durable Powers of Attorney
Location:
Trusts
Location:
Business Assets Transfer
Location:
Letters of Instruction
Location:
Funeral Arrangements
Contact:
Tax Consultant/Financial Adviser
Contact:
Investment Adviser/Broker
Contact:
Attorney
Contact:
It might be time
to consider…
Financial planning and
advice. Your parents may have a
financial plan or they may need one.
A complete customized plan can help
avoid costly mistakes. USAA offers
free financial advice and affordable
financial planning services ranging
from hourly consultations on specific
topics to detailed comprehensive
planning.
Keep in mind…
When an attorney drafts
a trust for your parent, USAA
Federal Savings Bank can serve as
the trustee. We provide professional
trustee services for competitive fees.
Our Trust Services are built on the
legacy of commitment and service
that you expect from USAA.
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Call (800) 292-8972