Suze Orman

Anisha, here's the truth.

your stepfather is not all that wrong.

Because if in fact you rent, you don't own anything, any assets and all, what could happen is whatever money they do have is probably in a joint account in both their names.

You can make it a pay on death account or transfer on death account, which upon their death, both of them, it goes immediately to you or to whoever the money's supposed to go to.

The only problem that we have, which is why they might want a revocable trust and why you might want to, believe it or not, purchase the must-have documents for $99, which is $2,500 worth of state-of-the-art documents.

By the way, everybody go to musthavedocs.com, check it out.

Fabulous.

Is this

Mom and dad are in a car crash together.

Let's just say that's true.

And now they are both incapacitated.

who is going to pay their bills for them?

Who's going to be able to access their money for them?

They cannot do it if they're incapacitated.

And that's where either your name goes on their accounts so that you can do so, or they have a revocable trust where they own everything in trust, where you are the successor trustee.

just that simple.

So in case of an incapacity, you're able to make decisions for them, even while they're both alive.

Let's just say they get older and now they're kind of losing it a little bit and neither of them are making wise decisions.

Then you want to be able to step in and be able to

do things for them.