For most of us, the idea of having a detailed conversation with our adult children about finances, estate planning, and funeral preferences doesn’t sound like much fun. In fact, a trip to the dentist probably sounds like more fun; however, there are a number of reasons why you should do it.
When your children are young, there is no reason why they need to know the status of your finances, what you are worth, or to even consider the possibility of you dying. As you age, however, your children grow up and the older they get the more they may need to know. Chances are that your adult children have given these topics a considerable amount of consideration. In fact, they could be rather stressed or worried about them in the absence of concrete information.
Your child, for instance, could be operating under the assumption that he or she will need to provide you with a considerable amount of financial assistance during your golden years. Acting on this assumption, your child may be living very frugally when all the while you do not anticipate needing your child’s help at all. At the other end of the spectrum, your child could be operating under the mistaken assumption that a sizable inheritance if forthcoming and may not be planning for his or her own retirement as a result. And these are just a couple of the reasons to talk with the children.
Along with the need to clear up financial issues, your child should know what your wishes are with regard to your funeral and burial. After all, it could be your child who is charged with arranging it when the time comes. Providing guidance now will make that just a little bit easier if and when the time comes.
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- Leaving Assets Can Be Tricky – Part 3 - August 13, 2020