A difficult challenge that many of us face or may experience in the future is having to take responsibility for our parents while still caring for our children. If you are in this situation you are part of the sandwich generation. If you are in this unique situation of caring for your family and parents simultaneously, then you are caught in the ‘sandwich years.’
Plan for Your Parent’s Future
While many people will welcome the opportunity to care for their aging parents, it does raise some questions and concerns. One of the most important steps you can take towards helping your parents in the future is making sure their estate plan is up to date. Two important things that need to be discussed are executing a power of attorney and taking record of their assets and key documents.
A power of attorney allows a designated person to make decisions on your parents’ behalf regarding their property and health care. Knowing where key documents and assets are eliminates confusion in the event of incapacity. Having these two things in place will ease some of the stress. The earlier you have this conversation with your parents the better prepared you are for the future.
Plan for Your Family’s Future
Protecting your family’s needs is always a top priority. Many of the same key documents are required for your estate plan, but a few additional things need to be considered. For example, designating a guardian for your minor children is very important in the event you should become incapacitated. Trust funds, life insurance policies and college funds should also be discussed with your attorney. The future has too many what-ifs to worry about, but having your legal affairs in order shouldn’t be one of them. Give yourself some peace of mind so you can get back to juggling all the other parts of your life.
Law Offices of Debbie J. Cunningham
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