Having the Financial Talk… With Your Parents

I have been a supporter of PoF’s teachings for several years. The characteristics which caused me to be an advocate of the PoF philosophy was inspired by my parents who successfully raised four children in a very middle class upbringing.

Unfortunately, they both died within a three month period earlier this year, following a cancer diagnosis and generalized debilitation. They both had (almost) full mental capacity and both died at home, without hospice.

Although the information they had shared was quite helpful, I learned through the school of ‘hard knocks’ that I had missed a lot of information which could have made my job as executor of their estate a lot easier.

Having the Financial Talk… With Your Parents 

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If possible, speak with your parents while they are still healthy, to let them know you can assist with their finances as they grow older. It is difficult to have these discussions when they are under stress .

1. Don’t Wait Until it’s Too Late

Assuming they are ok with number one, try to get a list of their financial holdings. In addition, you will need to get a list of what bills are paid on a monthly/annual basis and how are they paid.

2. Take Inventory of Assets and Ongoing Liabilities

It would be helpful if your parents would allow you to be a co-signer on their bank account and safety deposit box. They might feel uncomfortable but my parents were actually relieved that I asked.

3. Become a Co-Signer or Trusted Contact

Determine the location for their important financial documents including wills, advanced directions (DNR), power of attorney, life insurance, burial policies, cemetery information, safety deposit keys, and cash ‘hidden’ in the house.

4. Locate Key Documents and Information

Inquire whether your parents have any sort of special gifts they want to be distributed following their death. Examples might include jewelry, china, coin collections, antique firearms, silverware, or other family heirlooms.

5. Any Special Requests?

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