If you haven’t had a conversation with your parents about handling their financial affairs after they die, Krysten Crawford’s tale may spring you into action.
Certain “talks” or conversations are imperative, although some of those discussions are pretty difficult to have. And talking to your elderly loves ones about their finances normally falls into the “tough” category.
The New York Times offers one more real life example of why difficult senior parent-adult child conversation just have to happen in a recent article titled “The Talk You Didn’t Have With Your Parents Could Cost You”.
Especially with the older generations, money is often one of those taboo subjects for the family to discuss, whether in good fortune or in bad. If you have an elderly parent or loved one, then there are more important things at stake than privacy, modesty or pride. Here are some things you need to know and they need to show. Do they have an “estate,” whether many assets or few? Do they have a will and, if yes, where is it? And perhaps most important, are they taking care of their finances currently?
The original article speaks for itself and is worthy of reading. After you read it, perhaps you might share it as a conversation starter with someone you love. Having the uncomfortable conversations can provide peace of mind for all concerned.
Reference: The New York Times (May 24, 2013) “The Talk You Didn’t Have With Your Parents Could Cost You”