Families need to talk about the end of life wishes and plans. My sister-in-law who is a Palliative Care Nurse tells many horror stories of families who have a loved one dying but don’t know what the loved one's wishes are when it comes to the final stages of life and estate planning. So here are some questions that children should be asked and hopefully, they can give answers that show they understand your wishes, if not it is, I think, your responsibility to tell them your wishes.
Do they know if you have a Representative Agreement, (BC only), or an Enduring Power of Attorney, an advance care plan or an advance directive? If so, do they know the details of your enduring power of attorney, and advance directive?
According to The Organisation for Economic Co-operation and Development (OECD), most people will spend between 3.5 and 1. 5 years needing extra medical care as they age. In Canada and the US, we will need about 2 years of extra care. Over that two-year period, we may not be able to speak for ourselves. We will have to have someone else handling our affairs or making medical decisions for us.
A Representative Agreement, (BC only), an Enduring Power of Attorney, or an advance directive documents empower people to do just that. Your children should know which of these documents you have and where they are located. They also should know who is appointed to act on your behalf, who the successors are, and how to contact all of them.
What assets are in your Will and what assets are outside of the Will?
Do they know if you have a Representative Agreement, (BC only), or an Enduring Power of Attorney, an advance care plan or an advance directive? If so, do they know the details of your enduring power of attorney, and advance directive?
According to The Organisation for Economic Co-operation and Development (OECD), most people will spend between 3.5 and 1. 5 years needing extra medical care as they age. In Canada and the US, we will need about 2 years of extra care. Over that two-year period, we may not be able to speak for ourselves. We will have to have someone else handling our affairs or making medical decisions for us.
A Representative Agreement, (BC only), an Enduring Power of Attorney, or an advance directive documents empower people to do just that. Your children should know which of these documents you have and where they are located. They also should know who is appointed to act on your behalf, who the successors are, and how to contact all of them.
What assets are in your Will and what assets are outside of the Will?
If you have a great number of assets you may have put them into a trust to avoid probate. The advantage of this is these assets won’t be subject to the terms of the Will or public scrutiny. Your beneficiaries and your children need to know if you have a living trust, where the trust agreement is, and who the current and successor trustees are.
Do your beneficiaries and your children know where your Will is kept?
I gave a workshop on Wills and one of the participants told me that her mother had made a Will and the children all knew about the Will, but when her mother died, they could not find the Will. Her mom had hidden it away and her mom was a hoarder. Register your Will, pay your lawyer to keep a copy of your Will or at least tell your executor and your children where the Will is kept.
A good idea is to give your children some knowledge of what you have put into the Will so major surprises are avoided.
Do your beneficiaries and your children know where your Will is kept?
I gave a workshop on Wills and one of the participants told me that her mother had made a Will and the children all knew about the Will, but when her mother died, they could not find the Will. Her mom had hidden it away and her mom was a hoarder. Register your Will, pay your lawyer to keep a copy of your Will or at least tell your executor and your children where the Will is kept.
A good idea is to give your children some knowledge of what you have put into the Will so major surprises are avoided.
No comments:
Post a Comment