Aging can be a difficult topic for families to address when planning for seniors’ financial and care needs. Discussing emotional details such as wills and caregiving needs can feel heavy and complicated, making the conversations easy to delay. Yet, when parents and adult children have detailed conversations, they both experience improved confidence. For parents who had such discussions, 95% reported having peace of mind as a result—compared to 63% of parents who didn’t discuss topics with their adult children.1
If you still need to talk with your loved ones, here are some important topics to address:
1. Caregiving Wishes
Preparing for health problems that could arise and affect your independence as you age is a critical topic to explore with your adult children. And caregiving needs affect the majority of seniors, as 7 in 10 people will need support with long-term care at some point in life. Whether from a health complication or simply from aging, daily tasks such as bathing and dressing could become difficult—making the need for a caregiver essential. While 90% of people prefer to stay in their homes as they age for as long as possible, not everyone can do so. 2
In order to have your wishes upheld as you age, you should communicate your desires with your adult children.
Topics to discuss can include:
- Do you intend to stay in your home with a caregiver?
- Do you prefer to move to a retirement community or nursing home?
- Do you have long-term-care coverage to help your caregiving costs?
2. End-of-Life Decisions
Many families haven't had important and open conversations about end-of-life decisions, even though knowing what to do on a loved one’s behalf is essential for family members. In fact, 52% of adult children have stated that they haven’t discussed important topics with their parents like their wills or estate wishes.3 You can help your adult children uphold your end-of-life care and priorities while minimizing the complications that can arise during difficult emotional times.
Topics to discuss can include:
- Do you prefer hospice care, and if so, how?
- What do you intend to do with your estate?
- How do you prefer your loved ones to celebrate your life?
3. Important Documents Locations
Another essential topic to discuss with your adult children is where you store your important documents. Without knowing the location of items such as your will, upholding your desires without court involvement will be nearly impossible. But, you don’t have to feel daunted by the topic. Fortunately, 7 in 10 families agree on whether their loved ones know where their parents’ important documents live.4 You can save your adult children from undue stress and emotional strain by opening up conversations today.
Topics to discuss can include:
- Where do you keep your will?
- What passwords do you have for protected accounts?
- Where can they find information on the power of attorney?
Ultimately, you should address a variety of topics with your loved ones to help ensure they carry out your wishes and plans. Your unique life and goals will guide what topics you need to address. If you would like to open up the conversation, feel free to contact us today. We’re always happy to help you make the most of your financial life.
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