We don’t like to think about our parents getting sick, or dying. But oftentimes with seniors, health can deteriorate quickly. Because of this, it’s important that you know the location of the documents you may need in order to free up assets for their care, or other issues that may arise.
A few years before my father passed away, we sat down and went over all of his investments, his trust and other important papers like his will and living will. Fortunately most of his investments passed onto my mother so there were not many sticky situations. Still, it took a couple years to settle a trust he had set up back in the 70’s.
So when you sit down with your parents (or your children) make sure you discuss the following accounts/documents.
- Cash Accounts (Bank Accounts, CD’s, money market, etc.)
- Real Estate (Mortgage, deed)
- Vehicle Titles (cars, motorcycles, boats, RV’s, etc.)
- Insurance (Beneficiary)
- Securities (Stocks, etc.)
- Pensions, Retirement Accounts
- Personal Property not kept in house or easily visible (jewelry, collectibles, etc.)
- Advance Directives (Living will, healthcare power of attorney)
- Wills, trusts
Make sure you make copies of any original documents such as wills, deeds, titles, or any other estate planning documents. Spending a few hours gathering this information before it’s too late can save hours and hours of potential work and headaches later, or lead to not finding certain assets at all.