I recently had a conversation with my sibling about our parents’ estate planning. I was (rightfully) very concerned as I’d just learned that they had not updated their Wills in decades: the last time they updated their Will was in the 1980s! Suffice to say, both my sibling and I are no longer minors, and neither a Guardian nor a Conservator is necessary.  Additionally, some of the people mentioned in that document are now deceased, and left no heirs of their own.

To make matters more complicated, my parents are the second marriage for each: we are a blended family. My (adoptive) father has not spoken to two of his first four children in over thirty years, and the other two in about five.

Fortunately, my parents have now actually updated their documents and told my sibling and I where the originals are : they have separate Wills; their Powers of Attorney (Medical and Financial), Advanced Directives, and Healthcare Proxies are now fully executed; and, most importantly, there’s a fully executed Beneficiary Deed on file with the County Clerk & Recorder’s Office.  My parents want absolutely no mistakes to be made and have made every effort to be incredibly clear about their wishes (individually and jointly).

What documents make up an estate plan?

Here are the four (main) documents everyone should consider having on file, and periodically updating: 

1. Will or Trust 
2. Durable Power of Attorney- Medical and Financial 
3. Healthcare Proxy 
4. Advanced Directive (Living Will) 

At the McKenzie Law Firm, we highly recommend having at least some form of an end-of-life plan in place, even if it is incredibly simple: “All of my property, including any real property, goes to my child/friend/sibling Jane Smith. If Jane Smith dies before me, then everything to Jack Reacher.”  Most people are very shocked to see that certain sections of their existing estate planning documents are no longer applicable because it’s been so long since they’ve even thought about it: property has been sold and they have moved, sometimes to a completely different state; children are born or are no longer minors (and therefore do not need legal guardians!); and, divorces/separations happen.  Change, including death, is a fact of everyone’s life.

With the death of a loved one, an individual can become completely overwhelmed with trying to clean up their parents’, in-laws’, spouse’s, and occasionally a friend’s affairs. There are instances where a parent was completely unwilling to even speak of death and dying, and their adult child was left trying to pay off debts they had no idea existed (including reverse mortgages), personally paid thousands of dollars to clear those debts, only to find out there was almost nothing in their parent’s estate. Had that adult child been able to have even one conversation with their parent about their end-of-life wishes, a lot of this heartache and wasted time could have been avoided.  This adult child came to us for help sorting things out, and we were able to alleviate the stress and uncertainty, and get everything finalized.

Fortunately, The McKenzie Law Firm can help you with all aspects of Estate and Trust Administration. We are able to help our clients navigate the confusing situations that often occur with death. As a full-service firm, we can help you understand what paperwork is necessary, what is and is not required by law, shield our clients from unwanted contact with toxic individuals, and ensure that our clients and the Estate or Trust are protected from unauthorized takings and scammers. Please contact us to learn more about how we can help.

What next?

1. Give us a call at 720-821-7604 to schedule a "Discovery Session" at which we can determine whether our firm would be a good fit for your needs. Or fill out our contact form to have us call you.
2. Visit our estate planning page to learn more about how proactively thinking through your estate plan can protect you and your family, minimize hassle, lower the chance of family discord, and minimize or eliminate taxes.
3. Learn more by reading our blog or watching our videos .