Having the "Talk" with Your Kids

 Posted on March 11, 2014 in Estate Planning

A recent article in Daily Finance highlighted just how important it is for adults to discuss with their aging parents what plans are in place should the day come with one or both of the parents become incapacitated. Failure to plan for that future can have devastating consequences for both the parents and their families. It's critical for parents to formulate a plan for the future and share it with their adult children.

It's not always comfortable for parents to discuss finances with their offspring. According to Tim Prosch, author of the book The Other Talk: A Guide to Talking With Your Adult Children About the Rest of Your Life, there are three reasons that cause the difficulty many parent have when it comes to discussing these matter with their children.

The first is a form of denial. Discussing serious illnesses and death of a parent can be upsetting for children, even adult children, to think about. It's also hard for many people to handle the role-reversal that takes place in these situations. Suddenly, the child is taking care of the parent. That can also lead to the parent feeling as if they are no longer in control of their own life.

Prosch suggest one of the best ways to initiate the conversation is to work together to create a binder where all important documents will be kept. He told Daily Finance, "You need to include all the expected items like a will, medical and financial powers of attorney, do-not-resuscitate instructions, and funeral preferences. But you should also include other critical documentation like life insurance policies, birth and marriage certificates, tax returns, and lists of medicines and the doctors who prescribed them."

Some of the items, besides wills and trusts, you may want to consider when planning your estate out for the future include special needs trusts, health care and financial powers of attorney and living wills. Contact an experienced DuPage County estate planning attorney to help you secure your future.