There is no perfect time to talk with your parents about their finances. No matter when you bring it up or how you broach the subject, it’s bound to be awkward for you—the adult child—and your parents. Be that as it may, having “The Money Talk” is a critical part of ensuring that everyone is prepared for whatever may come.
Right now, such conversations may seem almost inappropriate. The entire global population is dealing with the frightening and life-changing experience of living with a pandemic. Our minds are focused on day-to-day needs and the swiftly changing news, not long-term financial planning. On the other hand, the reality of the situation is drawing attention to places where we might want to ensure a little more certainty, including addressing big questions about estate planning and other money matters.
Why this is such an important conversation