It can be hard to talk about money with your peers. But with your parents? That can be even harder.
It’s important to know that your parents are set up to afford their lifestyle—or any lifestyle—well into their golden years. And you also need to know their final wishes for when that time comes, so you or another sibling can handle their estate accordingly. Not knowing about your parents’ finances is like having your hand over your eyes while watching a scary movie. You know something bad is about to happen, but you’re not quite sure what it is.
The easiest way to start talking about money with your parents is to talk about your own. Just made a will? That’s the perfect time to ask your parents about theirs. But it goes beyond wills to living arrangements, long-term care, and planning ahead for medical emergencies.