Here’s an informative article about death and money – two topics many families try to avoid altogether but, are a crucial discussion for aging parents and their adult (often middle-aged or older) children.
Neither parents nor their grown children relish talking about the older generation’s end of life. But the estate arrangements of the inevitable event need to be discussed, and the parents should be the ones to broach the topic.
So buckle up. Neither side wants to contemplate the parents’ mortality. And discussing the parents’ finances – how they’ll be managed should the oldsters become unable, how property will be distributed when the parents die – is also touchy territory.
Of course, not discussing these issues is the bigger mistake. It’s likely your aging mom and dad will need help with their affairs at some point, and waiting until their memory begins to fail will be a frustrating experience for all parties. There’s also the danger of elder financial abuse scams. And it’s important to have trustworthy adult children keep an eye on their parents’ money coming and going.
This article goes on to outline some of the items that ought to be in the parents’ information packet, or on the adult kids’ list of questions.
There’s also other articles of interest that you should check out.