Power Boat Broaching

Is it Time to Have “The Talk” With Your Parents

Whether you have one hundred dollars or a million dollars, now is the time, right after tax season, to organize all of your files in a way that will make things easier for you and your family in the future.

Saving Your Sanity

Nobody really likes to talk about preparing or reviewing their estate, but the fact remains that this is a relatively simple task that can save time, confusion, and yes, the sanity of your family members.

Arranging your estate can be the greatest gift you give your children.  It’s not even that difficult.  Start by creating each of the documents below and reviewing them annually.

1. Wills, living wills and trust documents
2. Deeds, titles to large assets (car, boat…)
3. List of assets – savings, checking, investment, brokerage, safe deposit boxes
4. List of liabilities – home loan, credit cards, car loan, etc.
5. Health Care and Financial Proxies (power of attorneys in case of incapacitation)
6. HIPAA authorization – allowing a doctor to talk to someone you trust about  your conditions
7. Insurance documents – life, house, car, health
8. Latest tax filing
9. Contact list – lawyer, accountant, tax accountant, broker… 

Invest Some Time - Now

If you already have these documents you’re ahead of the game.  Now, sit down with your loved ones and show them where you keep all of these documents.  Put them in one place where they can be easily found and updated.  If you make any major changes, share this information with your family.

Congratulations!  Now comes the hard part.

Once you have organized your own files, it may be clearer to you than ever that your parents need to do the same.  I know this is a difficult task and about as pleasant to tackle as writing your own will – but it is truly an investment in your own future – especially if you believe the burden of Executor duties or managing the estate will fall to you.

Nearly 50% of “boomer” parents have not talked to their adult children about their finances and how they would like their assets handled in the event of a catastrophe.  This could make things extremely difficult for you in the future and it just does not have to be that way.

Make the time to get the conversation going.  Start by making sure that your parents have all the documents listed above.  Then, if all are willing, try to discuss a little bit about where they stand financially and their expectations in retirement.  Make sure they are on track with investments and withdrawals and that assets will be available as long as they need them.

If this is not a welcome gesture in your family, there are some small tasks that may be doable now that can still help you in the future.  Start by asking parents to check to see that they have their estate planning documents all in one place.  They don’t even need to share it with you now, just show you where it’s kept.  Next, ask that they have checked all of their beneficiaries and updated all of their documents annually.  Little by little, they may allow you to help.

Not an Easy Discussion

It can be a bit nerve-wracking to try to broach this subject with your parents or children.  Remember why you are doing this and keep your resolve. 

Also, remember that not all property passes through a will.  Make sure you know that you have planned properly for your future and your family.

About the Author

Beth D’Andrea is the author of the recently released, “20 Questions on Personal Financial Planning”, which provides further information on how to take control of your finances. Learn more on this topic at www.YourWealthInHand.com. With over twenty years of experience in the finance industry, Beth D’Andrea is a CERTIFIED FINANCIAL PLANNER professional. Along with helping clients to become more comfortable with their financial decisions every day, she has offered classes on college savings as well as continuing education classes for the legal industry.

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