My brother is requesting financial documents, living wills, powers of attorney, and trust documents from my parents who are elderly but still living on their own in their home. If he files for guardianship, will I and my other siblings be contacted about the hearing?

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I think you can be in court and say why he shouldn't be able to get guardianship. He has to prove that parents can no longer make their own decisions. Who is POA.
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There's another possibility - he may just want to see the documents and is using the excuse of filing for guardianship to get access to them.

Whoever has them shouldn't be sharing this personal information with anyone other than the people appointed in the documents. It's privileged information at this point in time.
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I would not give him those documents. Since he is applying for guardianship, I believe the court will want to look at his financial documents to see how he handles his money. If he is awarded guardianship, I would let the court tell you what documents to give him. What happens if he has those documents and then is not awarded guardianship. I think that he is assuming too much.
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Yes. You will be notified.

But guardianship only applies to persons no longer able to make decisions for themselves. Would two doctors agree that your parents are incompetent? Do they have a diagnosis of dementia or some other mental impairment?

You say that he has requested documents. From whom? Has he been given them?

Who has the financial and medical POAs now?
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