We've been working hard these past few months trying to close out my father-in-law's estate. He passed away in late 2020 and nothing had been done to probate his estate.
It is a challenge to talk to your parents about dying. No one wants to have that discussion but it's a necessary one. So many complications can arise if things are not planned out. But how do you approach the subject?
Very carefully.
This incident led me to ask MY parents what they had planned. The answer: NOTHING.
My father-in-law's estate had some of the necessary documents: power of attorney and will. His health was pretty good until about 2 years before he passed away. We began to see signs of cognitive decline. There were two adult children to take care of him. Since we live in another state, we weren't there for the day-to-day care. Even though my husband went back several times to help out, the outcome was still sad.
A power of attorney terminates with the death of the patient. An executor is appointed in the will to carry out the final wishes. The executor has the duty and obligation to dispose of the assets of the deceased in a timely manner. This did not happen in this case.
It was a wake-up call for my parents when they saw all the drama and negativity surrounding this estate. They contacted a local attorney and had him formulate an estate plan. It really was so simple, and he was so patient with my parents. He knew how hard this was for my dad to contemplate. I'm very proud to say my parents now have wills, a trust, and a plan for the future.
It also got my husband and me motivated to design an estate plan for ourselves. We only have one child so all the responsibility will fall to him. But I feel better knowing that we have a trust set up so it will be easier for him to dispose of our real estate property if he so chooses.
I feel that this subject has become part of my mission. Your family will grieve when you pass away. Don't make things worse by leaving your family without a plan. Let them know if you would like medical intervention. Pre-plan and pre-pay your funeral arrangements if you can. Give away your prized possessions before you pass away. You will get to see the joy on a family member's face when they take possession of an item like family jewelry or other heirlooms. Leave good memories for everyone.
So, do you have an "escape" plan?
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