![]() For example, you should give a copy of the healthcare proxy to any relevant medical professionals, and a copy of any financial documents to the bank. ![]() Once the estate plan is created, it is also important that you share the information with the proper parties. Updating an estate plan also helps you keep track of where all of the important documents are located. Updating beneficiary documents is incredibly important because the person named is automatically the taker, regardless of your elderly parent’s final wishes. This includes all relevant documents within the estate plan in addition to any accounts where a beneficiary is designated, such as retirement accounts, bank accounts, life insurance, and the like. However, the plan should be updated anytime there is a significant life event for you or your parents. You should check and update any relevant information in an estate plan every five years, at most. Simply because an estate plan is completed, it does not mean that the estate planning process is over. Here are some simple tips to create, organize, and keep track of an estate plan. This can potentially include a will, trust, power of attorney, healthcare proxy forms, and more. Even fewer parents have health care directives and it can have an immediate effect on their wellbeing if there is a medical emergency.Įstate planning attorneys and other experts recommend that adult children and their elderly parents sit down and create a solid estate plan. ![]() Despite needing to make immediate decisions, children get stuck in court and money gets tied up because there is no estate plan. Horror stories abound of adult children unable to provide for their ailing parents because they do not have the proper documentation. In addition, almost 25% of people ages 65 years and older admitted that they do not know where their parents’ estate planning documents are kept, and 44% do not know what the contents of those documents say. A recent survey showed that only about 55% of all parents have an estate plan or even a simple will. As adult children delay marriage and elderly parents are living longer, estate planning can sometimes get lost in the shuffle.
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