Kent Larsson writes about the proper use of wills, advance directives, trusts, and other estate planning tools, and how how they play a vital role in you receiving proper medical care and helping you to preserve and pass on your assets to your loved ones.
While parents often avoid discussing their finances with their children, it may make things easier in the future if they do.
Suddenly not being able to handle your own finances can lead to big problems. This is why parents should talk to the adult children about finances, according to TC Palm in "Acquaint grown children with your financial affairs."
Parents can sometimes make a pretty big mistake when it comes to assuming the children will be able to step in immediately and take over, if the parents can no longer handle their own finances. The transition can be quite difficult, unless the children have some knowledge and details beforehand.
You do not need to tell your adult children every last little detail about your finances.
Nevertheless, they need to know enough so that they can take over with few problems.
They certainly need to know where to look for details regarding your assets. While you are at it, make sure your children are familiar with financial concepts that they might not know.
What do they know about basic “financial planning”?
An estate planning attorney can guide you in creating an estate plan that fits your unique situation, including education the children might need.
Reference: TC Palm (Oct. 30, 2017) "Acquaint grown children with your financial affairs."