Are you a member of the sandwich generation? If you’re caring for both your children and your aging parents at the same time, then consider yourself part of the club. And just as you’re preparing for your children’s future, it’s important to understand whether your parents have their own plan.

It’s not always easy discussing sensitive topics with your loved ones, such as their financial information and plans for after they pass, but it’s better to have the conversation while your parents are alive and well. After all, nothing brings peace of mind more than having a solid plan for the future and knowing that their final wishes will be respected.

A Plan for the Conversation

To start, don’t delay any big conversations with your parents. None of us can predict the future—discuss this important topic with your parents before an unexpected illness, incapacitation, or death occurs. Remember that the state of your parent’s estate plan can greatly impact your involvement down the road, and a thoughtful plan can avoid headaches, reduce family conflict, and protect one’s assets. If you’re unsure how to start the conversation, here are discussion points worth considering:

Compile contact information. Encourage your parents to compile a list of important contacts, such as legal and financial professionals, including their contact information. This contact information will be important to have once you know who your parents have chosen to handle their estate. Make sure the location of this document is easily accessible.

Solidify estate planning tools. A comprehensive estate plan should consist of a will, trust, living will, health care surrogate, and financial power of attorney. Check with your parents that the will has been maintained and reflects their current circumstances. Estate planning is not a one-and-done event—you should be updating your plan every 3 to 5 years, or after a significant life event such as a marriage, divorce, birth of a child, or change in career. These documents should be stored in a safe location that can be accessed by the appropriate individuals.

• • Will: Defines the executor and manager of your estate who pays debts and distributes property as you have specified.
  • Trust: Setting up a trust distributes assets and property, and a trust does not have to go through probate if it is well-designed, routinely updated, and properly funded.
  • Living Will: This tool outlines your wishes for end-of-life medical care. It can include instructions regarding medical treatments in specific situations.
  • Heath Care Surrogate: Designates someone you trust to make health care decisions for you if you become incapacitated, remaining in effect until your recovery.
  • Financial Power of Attorney: Designates someone to handle your financial affairs, and a durable version remains in effect even if you become incapacitated.

Organize assets. Have your parents organize their assets—including antiques, valuable jewelry, and any digital assets that may exist. Gather financial, investment, and retirement account information. Going through your assets serves as a reminder off what you own and what you hope to pass on to your loved ones.

As you’re helping your parents solidify their future, use this opportunity to ensure your own future is protected. Consider the legacy you want to leave behind, and determine how you want to provide for your own children.

Why Estate Planning Matters

Failing to put together an estate plan often leads to chaos, excessive costs and taxes, unnecessary court involvement, inadequate incapacity planning, potential hurt feelings, delays in distributing inheritances, and even unexpected outcomes after death. Don’t let discomfort keep you from having an important conversation with your parents.

Contact Us

At Florida Elder Law & Legacy Planning, our Board Certified Elder Law Attorney can help prepare you for the conversation, and help your parents prepare their legacy. If you’re a member of the Sandwich Generation, contact us today to schedule a consultation or to receive more information on how we can support your estate planning journey.