There are some things families talk about all the time: birthdays, celebrations, hobbies, and a host of others. Yet, there are some conversations that get put on the back burner. If you are over the age of 65, here are four things you should talk to your family about today.
- Financial Planning
If you have a well-funded retirement plan, great for you. Whether you are financially set or you don’t know where you are going to spend your golden years, now is the time to talk to your family about it. Make sure you explain your full financial picture so they know what you can and cannot handle as far as your own bills and possibly even helping with theirs.
- Your Assets and Succession
Any substantial assets should be discussed with your family members. Planning ahead can help them avoid tax penalties if something were to happen to you. It may also help them know exactly what you have, and who you want to handle your assets should you not be able to. Establish clearly who has been granted your power of attorney and what privileges it covers.
- Health Care Wishes
An open discussion with family members about your health care, and what you do and do not want to be done in the case of serious illness or injury is difficult to have. It is also incredibly important if you want your wishes followed. In fact, taking it beyond a conversation and having everything discussed put into a legally binding document such as a living will is a wise move.
- Funeral Plans
Funerals are for the living, but you still want to be sure anything is done according to your wishes. Make sure your family isn’t left with a pile of bills by ensuring expenses are covered. If you don’t already have insurance coverage, consider applying for a guaranteed acceptance term life insurance policy to help out.
If you have been procrastinating when it comes to these important discussions, now is the time to take action. Make sure your family knows your plans and wishes should something happen to you today.