Before I discuss a durable power of attorney, I wanted to say a few words about letters of instruction, which I mentioned in my last post.  Ever wondered who is going to take care of Mr. Whiskers the cat or what is supposed to be done with all of the family albums after your parent passes?  Important personal items like these won’t be covered in a will and need to be addressed in an informal, non-binding document called a letter of instruction.  As a caregiver to aging parents, it will be important for you to spend some time with your parent and have them write down (or dictate) a letter to explain what they want done with their personal effects.  These letters can be addressed to spouses, children, or the executor of the estate.  Topics you might want to think about asking your parent to include in such a letter are:
• All names and contact information of their financial, legal, and personal advisors and any important messages or instructions;
• Household or personal items such as furniture, letters or journals, and jewelry;
• Business documents, files, computers, and various account or access passwords;
• Any funeral or burial instructions, information they would like to have included in their obituary, and any charities or organizations that should receive notice of their passing and/or a gift;
• Details on financial matters not otherwise covered in other legal documents, such as tax returns, credit cards, insurance policies, investments, and vehicle titles;
• Any current or former employers, colleagues, or friends that they would like to receive notice of their passing and any parting messages; and
• Special instructions regarding the maintenance of their home or rental properties, contact information for the regular handyman or plumber, and direction on operating various alarm systems.
Once complete, keep this letter with the will and ask your parent to periodically review and updated it.  Letters of instruction will provide everyone with peace of mind that everything close and personal to your parent will be taken care of in accordance with their wishes.