Broaching the subject of finances can be tricky with many families. Depending on the family dynamic, parents may be hesitant to discuss finances with their children. The opposite might also be true where children feel uncomfortable broaching the topic with parents. Truth is, as parents age, children are going to be the ones who need to take care of their affairs, so talking about it can help to avoid surprises.

A Will is not Enough

While a will is a great document for determining where asset are going to go, they really don’t clue the executor in to the realities of the financial situation. This may mean that much of the executor’s time is spent trying to figure out what accounts exist, where money is located and how to consolidate assets. Having a family discussion before something happens can help to alleviate some of these issues. Children can know just what assets exist and how best to find them before the emotional time of losing someone close to them.

Conversations Avoid Confusion

Children may not be fully aware of just what the situation their parents are in. If something were to happen that could impair decision making ability, then whoever has power of attorney will need to sort things out before being able to take action. A regular conversation on financial status can help to avoid this down time and allow decisions to be made quickly if need be.

Contact Stano Law Group for elder law questions or issues.