You have elderly parents who need more of your attention, and your children are young adults but they are still at home. You are stuck between them. You are torn between them. You have obligations to both of them, and you thought you’d have some freedom by now! Just when your children should be grown up and gone, your parents decline and you need to keep an eye on them.
You are the Sandwich Generation – sandwiched between your children and your parents.
My advice (and it’s a bit cliche) is to make sure you look after yourself first! I mean this in more ways than just physically and emotional caring for yourself. I mean you should get your affairs in order. Because if something happens to you, everything revolves around you, and the others won’t manage unless you have a proper plan organised.
Get your estate planning in order – your Will, your Powers of Attorney, your superannuation, your instructions about your medical care, instructions about your funeral, and have all your main paperwork in one place, including copies of all your usernames and passwords.
Once you have your own Will and Enduring Powers of Attorney organised, and you have left lists about who should get what, and you have made a detailed record of all your online accounts, and you funeral insurance is organised …
Make sure you talk to your parents about their estate plan. Here’s some ideas about how to do that.
Then, drag your children along to an appointment with your solicitor and make sure they do their Wills and Enduring Powers of Attorney. For young people, their superannuation is usually their biggest asset, and they need to make sure it will go where they want it to since superannuation is not an estate asset. Usually this takes more than a Will, and a fair bit of thought. You don’t want to be left trying to administer the estate of your intestate child, with a dispute over the superannuation as well – if your child dies without a Will, it can be time consuming and costly.
If you need the first place to start with your planning, or you want to send your children to someone that they feel comfortable with to do their planning, please contact me.