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Reply to "How much do you think kids should know about parents' finances (if anything)?"
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[quote=Anonymous]Agree with 10:55. I think there are a few things you need to know - 1. Do they each believe they have sufficient retirement funds to be self-supporting, including anything like long-term care insurance. If not, what are their plans, especially if those plans include expecting help from you or your siblings. 2. Do they have a will, and if so, where are copies of their will and any other relevant paperwork such as life insurance policies, bank accounts, etc.. 3. Have they named an executor for their estate, and someone with medical power of attorney? 4. Have they stated, preferably somewhere in writing, their plans for end-of-life (DNR orders, e.g.) and funeral or burial plans (location of plot, desire to be buried or donated or cremated, organ donation status, pre-paid funeral if relevant) Details of how much money and whether you can expect an inheritance aren't your business. Details that could fall on you either financially or in terms of time/logistics, do matter.[/quote]
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