Discussing finances with your family: Ideas &
inspiration
Talking now can save heartaches and headaches
later
"How will we manage the
bills while Dad is in assisted living?"
"Have you designated a
durable power of attorney?"
"Where does Mom keep her will?"
"Has anybody found the key
to the safe deposit box?"
“Does anyone know the code to
opening the garage door? We can’t sell the house without it.”
Is there ever an ideal time to
discuss important matters with family members? When a family member wants to
discuss topics like the ones above, the most likely response is "You're
right it's important, but now’s not a good time. Let's talk later." But
with busy schedules and multiple priorities, let’s face it: Sometimes
"later" never comes. And then it may be too late.
What can we do?
Holidays are often a good time to at least broach the topic with other family members. More often than not, the conversation will be put off to a later date, but if you open the door and keep the resolve to have a full discussion it can save a lot of headaches and potential heartaches.
Holidays are often a good time to at least broach the topic with other family members. More often than not, the conversation will be put off to a later date, but if you open the door and keep the resolve to have a full discussion it can save a lot of headaches and potential heartaches.
The fact is, anytime is a good
time to discuss important issues – and right now is even better. There are many
advantages to talking about important family matters as soon as possible,
including:
·
People can
explain their decisions and concerns about their estate plans, and keep their
loved ones in the loop.
·
Family members
can express their thoughts and concerns.
·
Discussions
like these can strengthen family bonds, bringing the people you love closer
together, and avoiding misunderstandings.
·
It can offer
everyone involved greater peace of mind and clarity about future And don't just
do it once. Try to keep the conversation going and review decisions on an
annual basis - or whatever time frame is most appropriate for your family’s
circumstances. And – thanks to technology - family members don't have to even
be in the same room, or even continent, anymore. E-mail, text, Skype, Web chat,
Facetime – whatever helps keep the dialogue going. But sometimes just a face to
face talk with an aging parent or spouse can help put planning in motion.
Whatever format you choose, just know there is no time like right now for
settling issues like: "Where do you keep the deed to the house?"
Family Matters: A Checklist
Here’s a recommended list of topics to cover - feel free to copy and use it at your family meeting, adding items as needed.
Here’s a recommended list of topics to cover - feel free to copy and use it at your family meeting, adding items as needed.
Adult family members might be
encouraged to review it before an initial conversation, and then use each item
as a platform for discussion. Think of it as a conversation starter:
1.
Do I have an
updated will? (Attorneys usually recommend that all adults have one, not just
senior family members.)
2.
Are there
specific family heirlooms I would like to give to a specific family member (or something
special you would like to receive some day?) These decisions can be included in
your will.
3.
Do I have
guardians for minor children?
4.
Do I have a
durable power of attorney?
5.
Do I have a
living will and medical power of attorney? You have a legal right to specify
the level of care you wish to receive if you are incapacitated. Most of all,
you can designate the individuals responsible for making such decisions.
6.
Are my life
insurance, pension, IRA and annuity beneficiary designations current?
7.
Are all my
important documents in one place, such as a safe deposit box? Are designated
family members' names on the signature card?
8.
Do I have a
list of important information available? This might include: bank and other
account numbers, life insurance policies, retirement accounts, and other
assets, as well as the names and contact information of your attorney,
accountant, New York Life agent, and other professionals.
9.
Do I need to
contact my attorney to update my will, or my New York Life agent to review my
life insurance and other financial concerns?
Keeping It Organized
Sometimes it’s difficult to have the answers to any of these questions right at your fingertips. When it comes to your finances, few people have time to file all their paperwork. But it’s important to know where you can find your life insurance policy or will, should something come up. So, we came up with something to help.
Sometimes it’s difficult to have the answers to any of these questions right at your fingertips. When it comes to your finances, few people have time to file all their paperwork. But it’s important to know where you can find your life insurance policy or will, should something come up. So, we came up with something to help.
The LifeFolio System: Your
Lifetime Financial Organizer, is a financial checklist and filing system that
not only helps you organize what you have, but it helps you identify what you
may need down the road. Best of all, you can get one free from your Speros
Financial agent.
In fact, even if you don’t have
a Speros Financial agent, you can simply contact us and request LifeFolio.
You'll receive the entire kit when you meet with us for a free consultation.
Just fill in the “Question Box”
on the right of this page, and we’ll do the rest. Simple, done. Don't wait any
longer. Take the time to sit down with the people you love and discuss these
important matters – then get on to the other important matters in life.
