What if they don’t have all the things?

Let’s face it: not all of us or our parents have all our important paperwork filed away by year, then alphabetized and stored away in a flood/fire safe box and tied up with a pretty bow. 

I get the feeling of overwhelm when trying to assist your aging parents in organizing their financial matters and important paperwork. But fear not, my friend, for I’m here to lend a hand and a dose of encouragement as we tackle this together. 

Let’s dive in with some tips and tricks to make this journey smoother. First, let me assure you that you’re not alone in this journey. 

Having Crucial Conversations:

Broaching the topic of end-of-life planning and financial organization with aging parents can be challenging, but it’s crucial for their peace of mind and yours. Approach these conversations and the tasks that ensue afterwards with empathy, patience, love and maybe a box of tissues handy. Remind your parents that you’re in this together, and you’ve got their backs every step of the way. 

Understanding the Importance of a Will:

Having a will is crucial for your parents to dictate how they want their assets distributed after they pass away. Without a will, you leave it to the state to determine how their estate is divided, which may not align with their wishes, can cause family turmoil and can take FOREVER! 

Encourage your parents to consult with a lawyer specializing in elder law to draft a comprehensive will that addresses their specific needs and desires. However, if your parents don’t want to consult a lawyer or another professional for some reason, at least have something that spells it all out in detail, and have it notarized by a non-biased person, such as a bank representative. Here is a free resources to get you started: FORBES – How to write a will FREE WILL – How to write a will without a lawyer.

Organizing Financial Assets:

Ah, the thrill of gathering all those scattered financial assets! It’s like a treasure hunt, only with bank statements and retirement plans instead of buried gold. Start by making a detailed list of everything – bank accounts, investments, retirement funds, real estate, and any valuable possessions. Then, encourage them to consolidate accounts where possible to simplify management and reduce the risk of overlooked assets. 

Email our team, info@talkelder, with any questions!

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