Caring For Parents Means Knowing About Their Financial Affairs
As people get older, so do their parents. Yet many adult children know little about their parents’ assets. In fact, a survey by the American Association of Retired Persons once found that only 30% of adult children have an ongoing dialog with their parents about financial issues.
Despite the lack of discussion, it’s likely that, at some point, your parents’ affairs will become your responsibility.
Even if everyone in your family gets along, tensions and unforeseen misunderstandings can arise if you don’t have the necessary information. In addition, lengthy legal processes await those without a well thought-out estate plan.
The following is a checklist of what a family needs to know about:
Even with all the right documents, estate planning isn’t a do-it-yourself project. Consult with your financial advisor or lawyer to guarantee that your parents’ intentions become reality.
This article appeared in our 2/2/2022 issue of The Bottom Line.
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