I think this is a great idea and have done the same with my mom and my siblings. I made sure at least 2 of my siblings knew where all my documents are and I know where at least 3 of my siblings documents are. I also know where my parents keep everything. I don't have copies of anything, but I know where they are, bills (mortgage, utilities, credit cards, etc), insurance info, investment info, Wills, Directives, etc. This way, in the event of an illness or death, I know where to find everything to settle the estate. My husband's family was not prepared for his father's passing, and it has been 2 years and everything is not straightened out. My husband was the person in charge of settling the estate, and I still don't think he has properly grieved for his father because he is always taking care of the business aspect of it. My grandmother had everything in order and her estate was settled in 4 months and my family was able to grieve properly since they weren't consumed by business. It is sad to think about and no one wants to discuss it, but it is better to discuss everything when people are alive and healthy, then when they are sick, or trying to figure it out after death. If your parents have Wills and other legal documents find out their attorney. Their attorney should have copies of all legal documents, so you can access them after they pass. Also, do forget you and your sibling. You should exchange information with each other as well, especially when it comes to the care of your children.