Starting a conversation with your parents or other older loved ones about their finances isn’t easy. Sometimes it can come off as invading their privacy, or worse, questioning their independence. However, as much as these conversations are hard, they are also necessary. The fact is that as individuals grow older, it is more likely for them to experience chronic health problems or even sudden and unexpected medical emergencies.
When thinking about financial questions and conversations, the considerations that come to mind should be whether or not you will be able to help them financially if they suffer a health crisis, even if it is only on a short-term basis.
To help you with discussing finances with your loved one, we have compiled four basic questions that you should broach to best cover the range of financial issues that might come up.
Have They Created a Will?
This can be a delicate topic for many people, and it might be good to have your siblings or other loved ones involved for this conversation. Coming up with a will and who will be named as executor are hard decisions and your loved one might need some time to think it over. If they have already made the will, it is important to find out if they had engaged an attorney to write it and where will you be able to access a copy of this will.
Where Are Their Original Personal Documents?
For most of our lives, we depend on our parents and older family members to safeguard our personal information and documents like birth certificates, military documents, social security numbers, and other relevant documents. However, if they are not used for a long time, it is possible that they can get misplaced or lost. One of the conversations to have would therefore be to figure out where these documents are and if they will require you to help them with storage.
Another important thing to consider here is whether or not your parents or loved one have a heath care proxy that can help with making medical decisions on their behalf in the future. This is important to figure out and also to contact this person so that they are aware of how to proceed if and when there is a need.
Do They Have Any Insurance Policies?
Whether it is life insurance policies, Medicare, or Medicare replacement insurances, it is important to figure out which policies they have that may potentially have payouts to beneficiaries. Make sure that you have access to the policy numbers of the policy documents so that you will be able to easily file claims in the future.
What Bills Do They Need to Pay Regularly?
Especially for loved ones who are starting to experience dementia, it is important to get information on the bills that they have. Whether it is for their car, utilities, or even charitable commitments, it is better not to get blindsided in case your service gets halted.
Get Comprehensive Care at Discovery Village At Naples
Another thing to consider when organizing your parents or loved one’s finances is whether or not they are interested in or would consider a placement in a senior living community. For many people, this is an important consideration when planning out their long term finances. Whether it is memory care, assisted living, or other forms of senior living options, it is important to first discuss on their preferences and maybe even settle on a provider.
