Q: My Father is 87 and my mother has already passed. he has about $800 thousand dollars. His money is approx
50% in Vanguard IRA and 50% in C.D.'s . He has 4 children that will inherit in equal 25% shares. how should we handle the beneficiaries. should we just list all four of us in equal 25% splits on vanguard and the C.D's?
A: This is really your father's business. I realize at 87 he probably could use some assistance with his affairs but I don't see any reason why he shouldn't seek the advice of an experienced estate planning Attorney who can assist him and this will eliminate any possible issues between you and your siblings as he will be getting independent advice from his Attorney. What you can do to assist is help your father get the forms from his various financial accounts that he will need to designate his beneficiaries so he can bring these forms to the meeting with his Attorney. I would also suggest you find out if his financial institutions have forms for a power of Attorney over their particular accounts and get those forms to. The power of Attorney forms will make it possible for the designated POA to access funds that may be needed to pay for your father's care should he end up being somewhere like in a nursing home or assisted living. Financial institutions are just easier to deal with when their in house forms are used for such designations.
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