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by WGME
Most parents spend years planning for retirement, but many leave one important step unfinished: making sure their adult children know where to find critical financial information in the event of an emergency.
“Estate planning isn’t just about passing down assets,” said Adam Carrier, relationship manager at Empeople Credit Union. “It’s also about helping your loved ones through a stressful time, when important decisions often need to be made quickly.”
Carrier said adult children don’t need to know every financial detail, but there are three essentials every family should cover.
1. Who the beneficiaries are and where accounts are held
Adult children should know who is listed as a beneficiary on key accounts and where those accounts are located. This includes retirement accounts, life insurance policies, and any investment or savings accounts that would be accessed after death.
“Beneficiary designations override wills,” Carrier said. “If those aren’t updated or easy to find, families can run into delays or disputes.”
2. Where important documents are located
Families should create a simple list of where to find critical documents, including wills, insurance policies, property deeds, account information, and contact details for advisers or attorneys.
“You don’t need to hand over documents,” Carrier said. “They just need to know where they are and how to access them if something happens.”
That list can be physical, digital or both. The key is that it’s clear and kept up to date.
3. How to access accounts and who has authority
Digital access has become one of the biggest challenges during emergencies, Carrier said. Adult children should know where passwords are stored and who has legal authority to make financial and healthcare decisions on behalf of a parent if necessary.
“If no one has access, bills don’t get paid, accounts get frozen and stress piles up fast,” Carrier said.
The one document families should have ready
If families only prepare one document, Carrier said it should be the Power of Attorney (POA).
A POA allows someone to act on your behalf financially if you become unable to do so. Without it, families might need to go through a court process to gain access to accounts or make financial decisions.
“It’s one of the most important documents people don’t have,” Carrier said. “And it’s usually needed when families are already overwhelmed.”
He also recommends a healthcare proxy, which names someone to make medical decisions if you’re unable to communicate.
It’s also helpful to designate successor agents who can make decisions if the primary agent dies, is incapacitated, or resigns.
How to start the conversation
Many parents avoid these discussions because they feel uncomfortable or premature. Carrier said framing the conversation as estate planning — not planning for the worst — can help.
“This isn’t about expecting something bad to happen,” he said. “It’s about making life easier for the people you care about.”
Starting small can make a big difference. Even sharing a document list or naming a point of contact is a meaningful first step.
Estate planning doesn’t have to be complicated, and families don’t have to figure it out alone. If you have questions about beneficiaries, account access, or preparing important documents, Carrier encourages members to call Empeople Credit Union, visit their website, or stop by a local branch.
This article is sponsored by Empeople Credit Union.
2026 Sinclair, Inc.
