Children should talk to their parents about the details ofhandling their financial affairs after death. Not doing so can create manyproblems for the children trying to manage their parent’s affairs post mortem.Parents willing to talk to their kids and plan a transition after death cansave their children from stress and aggravation. Recently, the New York Timeshas come up with a few tips to help get the conversation started. Before theconversation, children should think about the type of information they want tofind out. Some topics to consider are, wills, power ofattorney, health care instructions, life insurance. Children should also checkto make sure parents have made a list of all their debt and collectionaccounts. Using “I” statements can help keep the conversation from turning intoa “power play.” Having people that your parents trust will also help. However,it is important to note that each person is unique and the rules will likelychange.
See Tara Siegal Bernard,The Talk You Didn’t Have With Your Parents Could Cost You, New York Times, May 24, 2013.
