A lovely new assisted living complex is under construction close to where I live. As beautiful as this place is, it has become a daily reminder to me for how difficult it can be to talk to aging parents about their health and future needs.
If you’re 40 or older, you’re part of the Sandwich Generation, which refers to middle-aged individuals who feel pressured to support both aging parents and adult children. You likely fall into one of these categories:
https://www.everydaycheapskate.com/wp-content/uploads/31500470_s.jpg521920Mary Hunthttps://www.everydaycheapskate.com/wp-content/uploads/EC-Logo-by-Mary-Hunt-Tagline-Trimmed-833x159.pngMary Hunt2019-08-20 06:30:592019-10-09 08:34:23Caught Between Aging Parents and Adult Children
It’s been at least 30 years since my husband and I sat for hours with an attorney who specializes in estate planning. That was not the most pleasant thing I’ve ever done.
We were young and the idea of being old and planning for our respective deaths seemed ludicrous.
That meeting together with nearly $2,500 made us the proud owners of a Family Trust and Estate Plan, which includes the important legal documents that every adult needs.
Recently, a letter from Jenny reminded me that we need to update the documents in our Estate Plan because they may now be out of date. For sure they are “out of state,” due to our relocation to Colorado.
Thankfully, we now have an option to do this ourselves—legally and properly—for a whole lot less than it cost decades ago.
I’m 50, married and have two adult children. Our financial life is not complicated. I do not have a Will and know that I should. Can I put faith in a simple Will done by one of the large online companies or is it in my family’s best interest that I hire a lawyer? I have read your work for many years and appreciate your advice. Thank you. Jenny
Thank you for the trust you put in me, Jenny. That is something I value highly. My quick answer is that absolutely you need a Will plus four other documents as well. I have an online source to recommend to you which will help you do this yourself—a reputable legal help organization you can trust and without reservation.
Will this preclude the need to hire an attorney? It could, but I cannot advise you on that because every situation is different. What I can tell you is that you can do this yourself and be well protected now with all of your information and desires written down in proper legal order—and have that to take to an attorney if or when you find that necessary.
https://www.everydaycheapskate.com/wp-content/uploads/30500590_m-e1550639552329.jpg467700Mary Hunthttps://www.everydaycheapskate.com/wp-content/uploads/EC-Logo-by-Mary-Hunt-Tagline-Trimmed-833x159.pngMary Hunt2018-08-13 00:30:032019-09-02 12:29:30The Five Legal Documents Every Adult Must Have
Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.