Important Money Matters You Should Discuss With Your Parents (Before It’s Too Late!)

Although we don’t like to think our parents are ageing, it’s happening before our eyes. After all, every year we are getting older, they are also becoming more elderly. And one day, they won’t be around anymore. Therefore, it’s so important to talk to them about money matters before they become unable to discuss it anymore. But a lot of people delay the chat as long as possible (or don’t have it at all) as they worry about offending their parents. But you need to get in the know, so that if something does happen to your parents, you aren’t in financial woe. Here are some important money matters you should discuss with your parents before it’s too late!

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You need to ask them about their will

It’s always a tough one to bring up your parents will. After all, you don’t want them to think that you are just after their money! But it’s so important that you are clued up on their will before they do pass away. You don’t want to end up in the position of having no clue on who their attorney is, and what will they have in place! Therefore, ask them about it so that you are in the know if they pass away unexpectedly. It’s a good idea to understand their wishes so that you can ensure everything is passed on how your parents want it to be. If they don’t have a will, it’s a good idea to encourage them to organize one as soon as possible. That way, if they do unexpectedly die, it will take some worries away from you as everything has already been sorted.

You should ask them about their property

You should also be talking to your parents about their mortgage. It might be an awkward conversation to have, but you need to know how much they have left to pay on the house. After all, if something happens to them, you need to have a good idea of who you need to speak to regarding their mortgage. With one in six people developing Alzheimer’s disease, you might end up in the position of having to take over their bills. And you don’t want to be clueless about their property. Therefore, ask them for all the details, including their mortgage provider, so that you can contact them if necessary!

You should ask them about their burial

Talking about funerals is never a pleasant topic for your family. But you need to make sure you are aware of what your parents want when they pass away. If you have a good idea of their burial, you will be able to organise a funeral without too much stress. You might want to talk to them about the financial burden their burial may have on your family. You could discuss the idea of setting up some form of burial insurance that will help you to cover the funeral financially. You can learn more on sites such as burialinsuranceplans.com about this insurance. After all, funerals can cost thousands of dollars you might not have! Or your parents might want to organise their funeral before they die to take the mental and financial stress away from you. It’s best to discuss it before it’s too late and you never have another chance!

You need to ask them about their financial records

It’s so important that you are clued up on your parents’ finances before it’s too late. If something does happen to them such as dementia, you might have to take over their finances. And if you have no clue which banks they have money in, and how much they have, you might struggle to help them with things such as healthcare. Therefore, you need to get clued up on their finances before it’s too late. Make sure you ask if they have an accountant too; you need their details so you can get in touch if necessary. Also, you need to ask them about any debts they may have. You don’t want to take over their finances and not know about a loan that is building up interest as you aren’t paying for it! You can find other questions to ask them about financial records in this article!

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Remember to talk to your parents about your own finances. A lot of people in their 20’s and 30’s never ask their parents about money matters. But they might be able to help and advise you on investments and mortgages. After all, they have experienced these money matters before so they can give you helpful advice.

Jesse Fin
 

Jesse worked as a journalist for a large tv station in Korea in her past life. She now works full time at home as a blogger and loves to help her friends manage their personal budgets.

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