Reply to How prepared are your parents/grandparents for the future?

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[quote=Anonymous]

Just as you are asking about your parents, it is very important that parents be sure they have a will done, a trust set up as is needed so that assets can pass and avoid probate.  If you have minor children that you all have established guardianship for them and/or perhaps have a trust arrangement for them.  In terms of executors of your will and guardians, it is good to have at least two levels of folks who are willing to serve in those capacities because circumstances for them can suddenly change, too.  Also for each of you to have a power of attorney and advanced health care directive.  And again it should go one name beyond just the spouse for each other should there be a common accident and both are injured enough not to be able to make a decision on care.

In terms of finances, it is always good to look at how much term life insurance you have to be able to cover housing, child care, college etc. expenses should something happen to one or both of you, including coverage for the stay at home spouse.

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