Arthur Rudnick
Guru
- 1,652
View attachment Lapsed Policy.docx........................
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I think the solution is for children, siblings, or close relatives as appropriate, of aging parents to get involved totally in their parents financials when they are relatively young. If that had been the case here, this likely would have never happened.
But this seldom happens because of denial. Parents and children want to believe that everything is "just fine" when sometimes, it is not.
Once it's too late, it too late.
It seems that most parents do not want to tell their children abouth their financial status or any details about end of life financial decisions. My wife and I have some of this stuff covered. My kids all have a copy of our wills, advanced medical directives, and durable powers of attorneys. However, they are in the dark about where assets are located and what insurance policies are involved.