Don’t wait any longer. Take the time to sit down with the family members and discuss important financial matters.

There is rarely an ideal time to discuss important financial matters with family members. Yet, it is important to talk to your family about inheritance, guardianship, and living wills.

Important questions like the ones below never seem to get answered or considered until it’s too late:

• “How will we manage the bills while Dad is in assisted living?”
• “Does Dad have a durable power of attorney?”
• “Where does Mom keep her will?”
• “Has anybody found the key to the safe deposit box?”

Here’s a recommended list of financial topics to cover with family members.

Adult family members might use each item as a platform for discussion. Think of it as a conversation starter:

1. Do you have an updated will? (Attorneys usually recommend that all adults have one, not just senior family members.)
2. Are there specific family heirlooms you would like to give to specific family members, or is there something special you would like to receive some day? These decisions can be included in a will.
3. Do you have guardians for minor children?
4. Do you have a durable power of attorney?
5. Do you have a living will and/or a medical power of attorney? You have a legal right to specify the level of care you wish to receive if you are incapacitated. Most importantly, you can designate the individuals responsible for making such decisions.
6. Are your life insurance, pension, IRA, and annuity beneficiary designations current?
7. Are all your important documents in one place, such as a safe deposit box? Are designated family members’ names on the signature card?
8. Do you have an available list of important information? This might include bank accounts, retirement accounts, other financial accounts, life insurance policies, and other assets, as well as the names and contact information of your attorney, accountant, financial advisor, and other professionals.
9. Do you need to contact your attorney to update your will, or do you need to contact your insurance agent or financial advisor to review your life insurance and other financial concerns?

Source:  New York Life article: How to talk about managing family finances