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2810 Fieldstream Drive North
Wilson, NC 27896
Phone: 252-237-4357
Fax: 252-243-2681
July/August 2023
Don't Put Off "The Talk"
How much have your parents shared with you about their finances and estate plan? It’s a difficult subject for most families. Parents often don’t want to discuss their personal finances, and adult children may be reluctant to initiate the conversation. Even when parents are active and in good health, it’s important for children to have information about their financial situation and the plans they have in place.
A Beginning
Although not a comprehensive list, parents should share the following information with their adult children:- Estate planning documents, including wills, powers of attorney for finances and health care, and any trusts they’ve created
- Names, contact information and account numbers for financial institutions, brokerage firms and insurance companies
- Information on retirement and investment accounts, pensions and annuities
- Contact information for their attorney, financial advisor and accountant/tax preparer
- Loans or other outstanding debts
- A list of credit cards with account numbers
- Location of safe deposit box and key
- Logins and passwords for all accounts (including social media)
- Vehicle titles/registration/insurance
- Location of deeds to property and cemetery plots
- Funeral arrangements and/or final wishes
It’s Time to Ask
When parents aren’t forthcoming about their situation, adult children may have to take the first step. Framing the discussion around something you’re doing, such as making your own will or designating a power of attorney, can get the conversation started. Asking their advice on some aspect of finances or investing may encourage parents to share their financial information.Assess Their Abilities
Keeping in touch with parents is the best way for adult children to pick up on any decline in their ability to handle their finances. If you’re concerned, offer to help with financial tasks, such as banking, investing and paying bills. Monitoring their accounts online can help protect them from fraud and scammers.Keep the Future in Mind
Consider that your parents may not have their estate documents and information in order yet. Talking about it may encourage them to act. You'll appreciate having this done when that dreadful day comes.CONTACT US
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