Since death is inevitable, it might be a good idea to talk about it.
Americans hesitate to speak with their families about death and that can sometimes have consequences as Financial Advisor discusses in “Everybody Dies. It’s Time To Have The Talk.”
Studies have shown that parents and their adult children often have very different expectations about what will happen when the parents grow old and eventually pass away.
Parents and their adult children often do not have the same expectations about whether the children will have to take care of the parents in their elderly years. They differ on whether the parents will be financially dependent on the children. They also tend to have very different expectations about what type of inheritances the children will receive from the parents and even if they will receive one at all.
These different expectations can all be sources of conflict between parents and their adult children in the future. These conflicts are completely unnecessary and can usually be avoided if parents will come to terms with the inevitability of their own demises and talk with their adult children about what to expect.
An estate planning attorney can guide you through the process that may avoid any miscommunications or misunderstandings.
Reference: Financial Advisor (June 28, 2016) “Everybody Dies. It’s Time To Have The Talk.”