Parents, it's time to be an adult when it comes to talking to your kids about your late-in-life planning.
At the core of proper planning is the understanding that there’s simply no time like the present; it’s the only time to ensure the future, to make your intentions known. Proper estate planning means doing just that.
The importance of the present was the topic of a recent Wall Street Journal article, aptly titled, “Speak for Yourself, While You Can.” I see this issue arise in my practice on a regular basis, you'd be surprised how many children have no idea what their parents end-of-life preferences are or who they want in charge of their finances. While I obviously have no problem disclosing this information under the appropriate circumstances to my clients' children, it is my opinion that it should come from the parent(s), if possible.
What are some of the most important issues to discuss? Start by communicating our wishes about health care, end-of-life choices, and funeral preferences. Be sure to address your finances, any plans you have made to finance long-term nursing care (like insurance policies, etc.), and what to do about the family home.
Despite our natural reluctance to talk about these matters, now is simply the best time to actually lay out your plans and discuss them with your family. Open communication and your personal guidance can often avoid future family squabbles.
So what is so important, both to you and your family, that it simply cannot wait?
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Reference: The Wall Street Journal (August 11, 2012) “Speak for Yourself, While You Can”