July is National Sandwich Generation Month, a time to honor those who are caring for both their children and their aging parents. You can also alleviate the stress of caregiving by checking if your aging parents or adult children have legally valid and up-to-date estate planning documents in place.
A Financial Power of Attorney (FPA) allows you to select a trusted family member or friend who will be responsible for managing your money and other property if you become mentally incapacitated (unable to make your own decisions) due to illness or injury. Without this document, bills won’t get paid, tax returns won’t be filed, bank and investment accounts held in your name will become inaccessible, retirement distributions can’t be requested, and property can’t be bought, sold, or managed.