Fidelity’s Intra-Family Generational Finance Study found that many families are struggling with the difficult conversations about finances.
I could have told them the very same thing and saved them a bundle of money! Money & Estate Planning are awkward subjects to discuss for it involves someone dying!
You may be one of the lucky ones and dad has already done everything needed and will tell you where the papers are. Mention to him that you heard this financial planner on the radio and you realize you need to get your affairs in order.
Ask what has he done to get his affairs in order? If he says “nothing”, offer to help referring to the documents I have listed. If he says “yes”, ask where are the documents?
Estate planning does not need to be complicated. A will allows you to give your assets, the stuff you own, to your heirs. If there is a complicated situation such as second or third marriage with kids from each marriage or lots of money involved then you need to do some fancy estate planning.