Children: Time for a Family Meeting! (Part 2)
This article is part two of two that discuss the need for children to talk to their parents to discuss their estate planning and end-of-life decisions.
There are a number of documents we suggest that you ask your parents about.
1. Start by asking if they have a power of attorney for finances (also known as a durable power of attorney (“DPA”) or general power of attorney), which names an individual to make money decisions for them when they become unable to make these decisions themselves. If they do have a power of attorney, ask who they have chosen as their designated agent.
2. Next, you will also want to ask if they have similar documents for health care, including an advanced care directive (also known as a health care proxy or power of attorney for health care) and an authorization to access their medical records and talk to the doctor about their care. Also see if they have a living will to outline their wishes for end-of-life care.
3. Additionally, learn if they have an up-to-date estate plan which may include a will or a living (or revocable) trust which details how their assets are to be managed and distributed. See if they have left instructions in this document for their house, stocks, money in all accounts, collectibles, and sentimental items. If your parents don’t have an estate plan, state law determines who gets which assets. Under the law, property may not be distributed as they would hope or intend.
4. Finally, make sure to ask where these important documents are kept, whether it is in a safety deposit box (What bank? What number box? Where is the key?), a safe (is the combination in a safe place for you to access when necessary?), or a fireproof box.
If you or your parents do not yet have these documents in place, it’s best to consult an estate planning attorney.
When do I bring this up?
The time to bring up this conversation is now, or as soon as you are able. We never know how long we have left.
This conversation should not be a “one off,” but rather an ongoing dialogue - since your parents’ lives will continue to change, their estate planning and end-of-life documents should change with them.
For help with your estate plan and to learn more, contact us at Gianelli |Nielsen at (209) 521-6260.
