What’s the greatest legacy you can leave behind? Some would argue that it’s a solid estate plan. Designating your beneficiaries in a will or a living trust could be the final gift that’s most appreciated by your heirs. If you cast your last farewell without any property transfer instructions, your estate will be divvied up according to state law in probate court. Probate court is notoriously tedious and stressful, and only partly because those involved are also grieving the loss of a loved one.

You might remember your folks helping you open your first bank account and write your first check. And while that was a long time ago, you may not be ready for those roles to reverse, with you taking the financial lead for your parents. Unfortunately, it’s not uncommon that a parent would need an adult child’s help managing the finances, particularly if that parent starts to lose mental sharpness or the ability to make logical decisions.