One of the most important steps you can take as a caregiver for an aging parent is to check to see if they have key legal documents in place and up-to-date to ensure that they are taken care of properly, their affairs are being handled, and their assets are distributed according to their wishes.  In the next several postings, I’ll cover key considerations as you locate, review, and help maintain your parent’s will, power of attorney, advance directives, and other key related documents. 

A will essentially spells out how your parent’s finances and property will be distributed after they pass.  If your parent doesn’t have a will, you should contact an elder law attorney to help your parent prepare one (you can easily locate a lawyer through the National Academy of Elder Law Attorneys, www.naela.com, or check with your state or local bar association for references).  There are numerous generic forms that you can find on the Internet and complete on your own.  However, doing so could increase the chances that the will may not fit certain key state-specific requirements or would be too general to interpret (thus, risking the possibility it could be declared invalid).  Also, you want to be sure that a will properly accomplishes your parent’s goals and objectives.  In the absence of a will, your parent’s property would be distributed by a court and their estate would be closed by a court-appointed individual who would likely charge a hefty fee. 

Once your parent has a will, you’ll need to be sure that the will is kept in a safe place, determine whether there are any amendments to it over time, and identify any related documents (like a letter of instruction).  If the will and other important documents are kept in a parent’s safe deposit box, be sure that you have access to it.  You may also want to find out if there are assets that are being held outside a will’s purview, such as those that are held jointly or in a trust.  Finally, wills should be updated every 3-4 years so that the terms of the will meet your parent’s interests regarding their estate, especially if there have been significant life changes since the last time you reviewed the will, such as the birth of a new grandchild, death of a spouse, purchase of real property (like a time share), or a move to a different state.

As an adult child taking care of your aging parents, taking these steps now will save you and your family considerable time and will avoid confusion, stress, and expenses down the road.  Check back soon and I’ll discuss the ins and outs of a durable power of attorney.