With many adult children putting off marriage and with their
elderly parents living longer, many people in the “Sandwich Generation” really
aren’t ready to care for loved ones, warns the a recent Chicago Tribune article
titled “Checklist for updating, organizing estate planning documents.”
The Tribune reports that a new survey of 1,000 adults
for www.caring.com shows these startling figures:
- Roughly 55% said their parents have a will or
trust document;
- 25% of people 65 and older said they don't know
where their elderly parents keep their estate planning documents; and
- 44% don't know what's in those documents.
The survey officials commented that many respondents
reported situations where parents passed away without leaving behind legal
documents. This has led to some sad stories about people having money tied up
in court and not being able to pay their parents' final bills and funeral
costs. In addition, the survey revealed that very few families have health care
directives for adult children. It’s not just about the elderly parents, the
article reminds us. This is a major issue for people with adult children who
are away at school or living on their own as an unmarried adults. What happens
if they get in an accident?"
The article offered
these tips to keep in mind when working on these tasks:
- Take Five: No, don’t take a
break! Estate planning attorneys suggest that you update your will, trusts,
powers of attorney, and health care directives at least every five years or
when a major life event happens, such as a new child or grandchild, moving, a
new job, or divorce.
- Share the Secret: If you have estate
planning documents, it's very important to share the information with those who
will be helping you as you get older. For example, your physician needs a copy
of your health care directives.
- Get It Together: Many folks use
binders for keeping important documents with notes on financial account
information and passwords. While this is a great idea, the binders are usually
locked away for safe-keeping. Keep the documents in an electronic format that
can be accessed by your representatives when needed.
Some estate-planning attorneys also recommend designating
trusts as retirement account beneficiaries, even though the accounts already
might contain beneficiary designations.
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article on WealthManagement.com