Have you financially secured your family's future?

I have been a big advocate about the few times when family gets together to have important conversations with one’s parents about their financial affairs upon their death. During my short time upon this earth I have been to many funerals where the deceased didn’t make any arrangements and now they loves ones left behind are the ones who have to deal with the cleanup.

Ask any mother or father if they love their children and the automatic response will be “of course”. This is what my mother tells us all the time, but when we try to mention anything about getting her estate planning in order she wants to hear nothing about it. Now I don’t know if you have a mom or dad that is strong willed as my parents, but these are issues that families may face with their parents.

Even though my father is on board and my mother still needs working on, it does not stop me from beginning the process and having the conversations. You know why I am so adamant about this? Because I know if one of them were to pass it would absolutely be a mess for myself and my siblings, but really me since I am the one who is writing this article and have the knowledge of what is involved in the process.

Conversation Tips:

Estate planning conversations is really sensitive for many parents because in essence you are preparing for their death. We all know they we are going to die, but when we start speaking about it, it came seem very mortal. Also, some parents know that their children may not be fiscally responsible and don’t want to let them know if their leaving something to them or not. That’s why if they are not comfortable talking to the children about it they need to definitely see an expert who can help make the arrangements for them. Below is a list of the basics documents one should have for their estate:

• Will

• Durable Power of Attorney

• Health Care Proxy

• Life Insurance

All these documents should be in a safe secure fireproof location that one can have access to upon their death.

If you have never had a conversation with your parents before start of gentle in an environment that is not in front of everyone, but maybe to the side.

Example:

“Hi Mom or Dad how is your estate planning coming along?

If their response to this is what you mean, you will know how to proceed. “Well do you have a will? (proceed to go down the list).

Now if you if get pushback don’t be discouraged it is ok? You just have to strategize better. Maybe the sibling that is closest to the particular parent has to be the one who initiates the conversation. However, remember that the child who is most fiscally responsible and trustworthy should be the one handling the financial affairs. It is a must that you speak with an estate planning attorney or a financial planner because they are the experts who will be able to advise you on how the estate should be setup.

#family #plan