DAL Law Firm: 5 Estate Planning conversations millennials need to have with their parents
Part 2
Welcome to part 2 of our 5-part blog series covering estate planning conversations millennials need to have with their parents.
In this 5-part blog series, I’m going to walk through the most important estate planning conversations millennials should have with their parents, including discussions about wills, trusts, powers of attorney, healthcare directives, and end-of-life wishes. These conversations can feel uncomfortable, but they are one of the most important steps families can take to protect each other.
As an estate planning attorney, I see firsthand what happens when families are unprepared. Having these conversations now can help ensure your parents’ wishes are respected and can make an incredibly difficult time much easier for everyone involved.
In part 1, we covered the first estate planning conversation, which was whether your parents have a will or trust. If you missed that blog, you can read it here.
But once you’ve asked that question, there’s an equally important follow-up question: Where are the original documents? You might be surprised how often families know a will exists, but no one knows where it actually is.
Why the Original Document Matters
When someone passes away, the original will is often required by the court in order to begin the probate process. If you can’t locate the original and only have a copy, you’re probably going to have to track down the witnesses who signed the will, and that can be tough to do (which means: delays and higher cost).
This is why knowing the exact location of the original documents is incredibly important.
Common Places Estate Documents Are Stored
Many people store their estate planning documents in places like:
- Filing cabinets at home
- Home safes
- With their attorney
- Safe deposit boxes
Each option has its pros and cons. For example, safe deposit boxes can sometimes create access issues if the executor isn’t authorized on the account. I’ve seen situations where families knew the will was inside the safe deposit box, but no one had the key or legal access to retrieve it.
Make Sure the Right People Have Access
It’s not enough for your parents to know where their documents are. The person responsible for handling the estate should also know:
- Where the documents are stored
- How to access them
- Whether any keys or passwords are required
A simple conversation now can prevent major frustration later.
A Quick Tip
Encourage your parents to keep their estate plan organized in one place, along with other important records. Here at DAL Law Firm, we provide our clients with a binder that includes:
- Their estate planning documents
- Instructions for loved ones
- Space to record important financial information
This type of organization can make things significantly easier for families.
So far in this series we’ve covered:
- Whether your parents have a will or trust?
- Where their estate planning documents are stored?
But estate planning is about more than what happens after someone passes away. There are also important decisions that may need to be made during your parents’ lifetime if they become unable to make decisions themselves. In the next blog, we’ll discuss the next critical question regarding making decisions for your parents if they lose capacity during their lifetime.
If you want to learn more about estate planning to have a better general understanding, visit our YouTube channel for all things estate planning, probate, and real estate: https://www.youtube.com/@dallawfirm
Make sure you stay tuned for our next 3 estate planning conversations millennials need to have with their parents. If you or your parents need help with their estate plan, you can visit us online at: www.dallawfirm.com. If you visit our website, make sure you download our free estate planning guide! It covers estate planning options, the process, and pricing.
Contact us:
19803 1st Avenue S.
Suite 200
Normandy Park, WA 98148T (206) 408-8158
F (206) 374-2810
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