When Mom or Dad Says, “Everything Is Taken Care Of,” Do You Know Where Everything Is?

Maybe you’ve had this conversation with your parents.

You ask whether they have a will. Whether they’ve named someone to make decisions if they can’t. Whether they’ve thought about what would happen if one of them became seriously ill.

And the answer is reassuring. “Don’t worry. Everything is taken care of,” they say.

That’s good news. But there’s another question that’s just as important that you might not think to ask.

Would you know where to find everything if you suddenly needed it?

Good planning isn’t only about creating the right legal documents. It’s also about making sure the right people know what exists, where it is, and who to contact when the time comes.

The Treasure Hunt No Family Wants

Imagine that your dad is hospitalized and can’t communicate. You know he named you as his healthcare agent, but where is his Georgia Advance Directive for Healthcare?

Or your mom dies, and you’re trying to help your family handle everything that follows. You know she has a Will, but you don’t know whether the original is in a safe, a safe deposit box, a filing cabinet, or her attorney’s office.

Then come the other questions.

Where are the bank accounts? Is there life insurance? Who is the financial advisor? Are there long-term care insurance policies? Is the funeral prepaid? Where is the deed to the house? Who prepares the taxes? What bills are automatically drafted every month?

None of these questions necessarily means your parents failed to plan.

In fact, they may have planned very carefully. The problem is that the information lives in their heads, their filing cabinets, their email accounts, and various folders scattered around the house.

When a crisis happens, someone else suddenly has to put the pieces together.

Your Family Doesn’t Need Every Detail Today

Talking about these things doesn’t mean your parents need to hand over control of their finances or give their children passwords to every account.

There’s a big difference between saying, “Here’s all my financial information,” and saying, “If you ever need to step in, here’s where you should start.”

At a minimum, the person who is likely to help should know:

• Where the original estate planning documents are kept

• Who the attorney, financial advisor, accountant, and insurance professionals are

• Where financial and insurance information can be found

• Who has been named as agent, executor, or trustee

• Where important property and household records are located

• Who to contact first if something happens

That simple roadmap can save hours or even days of searching during an already stressful time.

Create a Roadmap for the People You Trust

This is exactly why we created Kimbrough Law’s Estate Plan Organizer.

The Estate Plan Organizer is designed to help you put the practical pieces of your life in one place, including information about your assets, insurance, estate planning documents, important people, and other details someone may someday need.

It isn’t a replacement for your estate plan. Think of it as the roadmap that helps the people you trust use that plan when the time comes.

Once completed, keep the Estate Plan Organizer somewhere secure and make sure the appropriate person knows where to find it. And remember to update it as accounts, advisors, insurance policies, and other details change.

Organize Important Estate Plan Information for the People You Trust.

Having a Will, Powers of Attorney, a Georgia Advance Directive for Healthcare, and other planning in place is an important accomplishment.

But there’s one more step worth taking.

Ask yourself this:

If I couldn’t explain any of this tomorrow, would the people I trust know where to begin?

If the answer is no, that doesn’t mean you need to start over. It simply means your estate plan may need a roadmap.

At Kimbrough Law, we help families plan not only for what should happen, but also for how the people they love can carry out those plans when they’re needed most.

Download the Estate Plan Organizer or give us a call at 706.850.6910 to schedule a consultation.