DAL Law Firm: 5 estate planning conversations millennials need to have with their parents, part 5
Welcome to part 5 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.
- In part 2, we covered the second estate planning conversation, which was where your parents keep their original estate planning documents. If you missed that blog, you can read it here.
- In part 3, we covered the third estate planning conversation, which was about your parents’ power of attorneys. If you missed that blog, you can read it here.
- In part 4, we covered the fourth estate planning conversation, which was about your parents’ wishes for their care. If you missed that blog, you can read it here.
Now we come to the final (and often most overlooked) question: do you know where your parents’ assets are?
Where Are the Assets? The Estate Planning Question That Can Save Families Thousands
When someone passes away, their loved ones are responsible for identifying and gathering all of their assets. That sounds straightforward, but not if you don’t know where their assets are. Your parents may have their financial accounts spread across multiple institutions, including:
- Bank accounts
- Retirement accounts
- Investment accounts
- Life insurance policies
If no one knows these accounts exist, they may be difficult to locate later. Unlike debts, which can often be discovered through a credit report, there is no universal report showing all of someone’s assets. There is no central database to find out where all their accounts are located. Families often have to piece things together by searching through:
- Old tax returns
- Bank statements
- Emails and financial records (if you can even get online access)
Today, most of these documents are paperless, making them even harder to track down. And aside from financial accounts, what about the cash?
The Hidden Asset Problem
Occasionally, families discover something even more surprising. Over the years, I’ve seen situations where people stored cash in places like:
- Inside walls
- Under floorboards
- Inside couches or mattresses
These may sound unusual, but it happens more often than you might think. If no one knows that the cash exists, and where it is located, it won’t be recovered. At least not by your family. Someone in the future will be remodeling what used to be the family home and come across your parent’s stash of cash.
The Simple Solution
One of the most helpful things parents can do is create a simple asset inventory. This document might include the location of:
- Cash
- Bank accounts
- Investment accounts
- Retirement accounts
- Insurance policies
Here at DAL Law Firm, we provide our clients with a binder that includes space for this information. Once we complete your estate plan, we remind our clients of this vital information and the importance of compiling this information for their loved ones.
A Comprehensive Estate Plan Is One of the Greatest Gifts You Can Leave Your Family
Estate planning is about more than documents. It’s about making things easier for the people you love. When parents organize their financial information and communicate their plans, they save their families stress, time, and unnecessary legal costs. If you’re a millennial with aging parents, these conversations may feel uncomfortable, but they’re incredibly valuable and necessary. Starting the discussion today can make a tremendous difference later. And as a reminder, here are your 5 estate planning conversations:
- Whether your parents have a will or trust?
- Where their estate planning documents are stored?
- Who will make decisions for them?
- What are their wishes are for care?
- Where are the assets?
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
We hope you’ve found value in this 5-part blog series. 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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