With the holidays fat approaching and family gatherings, now is the time to assess your life.
For those of us in the sandwich generations (parents and kids), you need to think about your aging parents. Are they prepared for what comes next? Are you prepared for what’s next?
Where are some ideas for what you need to know:
- What are their finals wishes
- Do you know what assets, insurance policies, etc they have and where are those documents?
- Do they have all the legal paperwork in place – wills, power of attorney, medical directives, etc
It’s a difficult conversation to have, but it’s extremely helpful to do this ahead of time.
Personally, my father was very forthcoming with this information, so I had it easy. But even then, there was still a life insurance policy he must have forgotten about. I found it through a search of unclaimed funds website for my state. It was probably a policy that he (or his parents) had taken out years before.
I can’t imagine not having this information and knowing where things are. What about you? Do your kids know this information about you?
Take some time to have this important conversation when your family gets together.