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- I managed my parents’ money for years before they died in their 90s — but I was still shocked by how hard it was to wrap up their affairs (newsbreak.com)
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Pictured are author Laura McCamy and her wife.
Courtesy of Laura McCamy
Handling my father’s estate after his passing was tough. Here’s a tip: collect all necessary documents and account access details while your loved one is still around. The process is lengthy; it doesn’t wrap up in just a few weeks.
My mother passed away in 2021 and my father in 2023, both in their 90s, leaving peacefully after having done estate planning with an elder care law firm years earlier.
This prior planning simplified settling my mother’s financial affairs, which took a few months. I anticipated a similar experience with my father’s passing, but I was mistaken.
Despite doing everything correctly, such as managing their finances and placing assets into irrevocable trusts, the complexity of settling affairs for the surviving spouse was unexpectedly higher. Challenges cropped up, from wills to banking to tax returns.
Going through this before when my father-in-law died should have prepared me for the extra effort required. His and my late mother-in-law’s finances transitioned smoothly through a family trust. But upon her death, the responsibilities fell to my wife as the executor, stretching out the closure process for months.
Yet, my father’s situation was simpler. He resided in assisted living with few possessions, making it easy for my sister, wife, and me to clear out his space quickly. Transferring his remaining trust assets was done with just a phone call, and his medical bills were settled shortly after.
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However, we hit a snag when trying to access my father’s bank account, leading my sister on an unexpected trip to get declared next of kin since there was a trust but no will. Complications continued with filing his final tax returns, prompting us to navigate IRS procedures to obtain necessary documentation.
From this experience, I learned vital lessons on handling a parent’s estate. Ensure proper estate planning with a will and trust documents. Gather important financial information and set realistic expectations for settling affairs.
While losing a parent is emotionally tough, having clarity on financial matters can alleviate some stress.
This article first appeared on Business Insider in September 2023. To read the original, head to Business Insider.