If your parents are competent they can each execute durable powers of attorney. These are written documents and generally they are separate, one relating to healthcare issues and another relating to financial matters. An estate planning attorney can assist you with this process but will have to meet directly with them and they will have to sign the documents. If your parents are incapacitated, your alternative method is to have a court proceeding to determine their incapacity and to grant you the power to exercise these powers over them. Those powers dealing with their medical and personal care issues are encompassed in a guardianship proceeding. Those dealing with the management of their assets are encompassed in a conservatorship proceeding. The durable powers of attorney are the non-judicial equivalent of these proceedings that are handled by the probate courts. Again, if your parents are competent, they can make a will. They need to understand generally what they have in property and understand to whom they want it to belong to at their death. Depending on the amount and value of their property they may also want to consider establishing a trust and putting their assets into the trust. This could let them avoid probate at the time of the death of the surviving parent. It is likely that you will need the assistance of an attorney for them to accomplish these things.
Answered on Oct 25th, 2011 at 1:21 PM