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Helping Your Widowed Parent Organize Their Assets

Towson Elder Care Lawyers: Helping a Widowed ParentThe loss of a loved one can be devastating, especially when it is a parent. In order to help your elderly parent cope with the passing of his or her spouse, it is essential to help them have their legal and financial obligations in order.

Towson elder care lawyers have you covered. What follows is a complete checklist of how to help your widowed parent with these critical matters.

Identify the Assets

Generally, one spouse will manage most of a couple’s financial assets. Ensure that your surviving parent knows where these essential assets are located and exactly what they are. Make a master list of retirement plans, insurance policies, estates, tax information, stocks, trusts, and brokerage accounts. Help them also create a master list of all accumulated debt as well.

Life Insurance Policies

Find out if your widowed parent is the beneficiary of a life insurance policy and how much it is for. If so, be sure to contact the insurance company to file a benefits claim.

Apply for Benefits

It is critical to help your parent apply for Social Security benefits so that they can go on living comfortably. Contact the Social Security Administration for information about your parent’s benefits. Additionally, find out what other benefits they could be entitled to, including pension, or health and employment-related payouts.

Update Trusts and Wills

Losing their spouse will make your surviving parent want to take a closer look at their own will and trust. Hire a Towson elder care lawyer to help them update their wills and trust so that it accurately reflects their wishes.

Update Insurance Plans

Insurance plans will need to be changed if the deceased parent is still named as the beneficiary on the insurance plans. If so, these insurance policies will need to be canceled, modified, or cashed out.

Make a Financial Power of Attorney

This document allows your parent to name a trusted individual to handle all of their financial matters if they can no longer do so. Without this document, your parent will most likely have to go to court to receive the necessary authority.

Organize Important Documents

Ensure that all essential documents are organized and in one easy to reach place. Some critical documents to keep track of include:

  • Retirement plan statement
  • Will and trust documentation
  • Tax returns
  • Credit card information
  • Debt information
  • Insurance policies
  • Social Security Card and birth certificate
  • Government benefit paperwork

Towson Elder Care Lawyers at the Law Offices of Jayme L. Levy Advocate for Families

If you need to help your parent, our Towson elder care lawyers are here to help. Jayme L. Levy LLC represents clients in elder care and Medicaid cases, in addition to cases involving trust and estates, aid and attendance, guardianship, and many more services. Call us at 410-512-6605 today to set up a consultation or contact us online. We serve clients in Columbia, Ellicott City, and Towson, Maryland, including clients in Baltimore and Howard County, Maryland.

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