REAL ESTATE WATCH The Empty Nester Syndrome and the five critical documents

BY PHILIP A. RAICES

Your last child has left the nest and you are somewhat happy and somewhat sad at that same time. Not having them around to converse, complain and argue with is a two edge sword; can’t always live with them, but can’t necessarily live without them. It’s a perplexing situation to have to deal with, but this is your new phase of life and it can be extremely rewarding as your responsibilities have lessened unless there are still current financial obligations tied in with your children and possibly other issues. As they say, sometimes you’re never really done until you cross over the finish line, if you know what I mean.

At this stage of your life are you aware of the four documents, besides your will that you truly need? Have you done any estate planning, or updated your last will and testament to make sure it is current? Also, if still married, does your spouse have a will; if not she should have one too. Have you appointed an executor or executrix that needs to be stated in your will? Have you set up a “Healthcare Power of Attorney (or Medical or Healthcare Directive) in the event of a terminal illness or you become permanently unconscious? You should have several people noted in successive order, to make sure someone is there who is authorized to make those decisions for you. Create a “Durable Power of Attorney” to handle