Do you have a Will in place? Have you discussed your Will with your children? Do they know where they can find these documents if needed? A recent survey demonstrated American’s lack of communication about Wills and other estate planning documents. The survey, administered by caring.com, found that only 56% of American parents have a Will or Living Trust. It also found that half of adults surveyed do not know where their parent’s estate documents are located or what is in them. 18-49 year olds appeared to be the least informed about their parent’s wishes. However, 44% of adults 65 and older still did not know where their parent’s documents are kept.
Why is this important? Having estate planning documents established and discussing your wishes with loved ones ahead of time can prevent a lengthy, expensive legal process. Upon your passing, certain things will need to be taken care of in a timely manner. Having an open discussion and being prepared for this time will make the process easier for your family members. The safest way to prepare is to consult an elder law attorney who can provide you with accurate information and assist you in creating documents that ensure your wishes will be met.
If you have any questions, please do not hesitate to call Tully Law, P.C. at (631) 424-2800 and we can help guide you through the process.