Hey there! Yes, we are talking to you - the 20 to 30 somethings out there! You are just starting to really live your lives: launching your careers, starting families, and maybe even buying a home, yet you are also starting to think about your maturing parents and the harsh reality of what that means. This is not an article to make you sad or depressed, but an article to prepare you for the future. Where do you start? By digging through and locating your parents’ “shoebox”, which holds their very important financial and legal documents.
So how do you go about finding that mysterious shoebox? The first step is to have that really uncomfortable conversation with your parents and discuss what will happen when your parents are no longer around. It is a difficult conversation to have, but a necessary one. It is crucial to KNOW what your parent’s wants and desires are so that when the time comes, you will be able to do right by your parents and carry on their wishes. For example, a will, also known as a “Last Will and Testament,” will state how your parents want their property to be dispersed and who they will choose to manage their property once they pass away. Some parents will think ahead of time and will prepare “advance directives” – documents that will select the person or persons whom they want to make health or financial decisions on their behalf in the event of incapacitation (being unable to make one’s own decisions) or death, such as Health Care Proxy, Living Will, and/or Power of Attorney.
Okay, suppose you don’t want to deal with any of this right now? What’s the worst that could happen? Well, in the event your parent becomes disabled or dies, you may have to deal with outdated documents or documents that still need to be executed and or signed. You also might be scrambling and spending a lot of time locating essential documents and information such as: your parent’s lawyer, bank account information, accountant, life insurance policies, annuities, pension and retirement accounts, divorce records, birth and adoption certificates, real estate deeds, and stock, bonds, and mutual funds.
Knowing where your parents’ shoe box will save you a lot of time, frustration, and pain during a difficult time when you are experiencing a loss. It will bring you peace, direction, and closure when it comes to executing your parents’ final wishes. If your parents’ have not done any estate planning, now it is your time to have that conversation. As the fall season approaches and families are brought together, remember how important it is to spend quality time with your loved ones, and plan to make sure their desires are met.
This article is for informational purposes only and is not offered as legal advice as to any particular matter in any particular jurisdiction. No one should rely or otherwise act on the basis of these materials without consulting an attorney as to the particular facts and applicable law involved.