It is common that a married couple in their late sixties creates an estate plan which names their child or children as Trustees and/or Agents. This is a great first step in setting up a plan that can help when the parents are no longer able to care for themselves or their finances. However, the second step is the talk openly with your children regarding your assets. Far too often children are faced with the challenge of taking over their parents’ finances only to find out they have no idea where to start. What does Mom and Dad own? Where are their accounts?
The Wall Street Journal just published an article discussing the importance of sharing financial information with your loved ones. The untangling of financial information by children for their parents is a common problem. The problem can be mitigated significantly if you write out a list of your assets or otherwise have a roadmap so that your successors and agents can get access to accounts when necessary.