Your parents might not have ever told you much about their finances and you might feel like it is rude to ask. That’s just how it is in many families, but if they are getting on in life, you might need to break with convention and have a conversation about their money. Or more specifically, whether they have an estate plan. It’s not rude, it’s sensible.
It’s not about finding out if they are going to leave you much, but whether they have enough to cover any long-term care they may need as they age. Bills for this can soon mount up and, as you may feel obligated to step in and pay if they don’t have the money, it’s fair that you ask. They might also be entitled to Medicare if they manage their finances in a certain way, but if they do it wrongly, could see all their savings eaten up before they secure the care that they may end up needing.
Reducing stress when they fall ill or die
Let’s say that your dad falls seriously ill. What happens next? Does your mom have access to the necessary account to pay any remaining mortgage repayments and bills? Would Dad want to be kept alive as long as possible or would he hate the thought of being kept alive via feeding tubes? What about if he needs a blood transfusion? Would he be willing to go against his religious beliefs and accept one if it meant he might get ten more years of life?
While it might be difficult to start this conversation with your parents, it could greatly simplify things later. Pointing your parents in the direction of someone who can help them create an estate plan effectively is wise if you discover they have yet to draft one or if you feel the one they have needs adjusting.