According to a recent survey by Caring.com, an organization providing information and support for individuals caring for aging family and friends, roughly 45% of Americans have no estate planning documents. Of the 55% that have done estate planning, there is no telling whether the documents are current or appropriate. I have reported in the past that a basic estate plan for most people would include a Power of Attorney, Medical Directive, Will and Revocable Living Trust.
As Caring.com CEO Andy Cohen stated, "Remember, your parents are going to have bank accounts, a house and other assets that will need to be taken care of in a timely manner. Having the documents in place before tragedy strikes will make the aftermath much less stressful and will save money in the long run."