Estate Planning Q & A with Jack Dooley
QUESTION:
My parents are aging, and I want to talk to them about their financial affairs, but bringing up the topic is uncomfortable. Is there an appropriate way to ask?
ANSWER:
It is a very understandable and somewhat typical situation. However, I have found that some parents welcome the conversation but have been equally hesitant to broach the topic with their children. But assuming that your parents are reluctant, understand that there is a significant difference between saying, "Mom and Dad, how much money do you have?" (cringe) and asking any of the following:
Have you prepared wills? If so, where are the originals located?
Do you have Powers of Attorney? This could be very important should one of you become very ill.
How about Living Wills? Did you do those? Again, if so, where could I find one if the need arose?
Do you have a list of your user names and passwords for anything online? Where could I find that information if I needed to?
All of the above information is very helpful should the need arise, and these questions can be asked without intruding into the details of your parent's finances.
If you are in need of assistance with a will, trust, or estate plan, call us at 610-367-2921 to arrange an initial consultation with one of our attorneys.