Reply to Im 40 years old and my parents still have yet to discuss in detail my trust fund.

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Reply to "Im 40 years old and my parents still have yet to discuss in detail my trust fund."

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[quote=Anonymous][quote=Anonymous][quote=Anonymous]I get why OP is frustrated by this though. Even if it's just a revocable trust (i.e. no real promise of funds), by the time you're 40 it is nice for parents to have a conversation with you about what plans they have made for aging and after they are gone. My parents have done this with us and we have copies of the documents so we are all prepared in case of an accident or sudden illness. My in-laws have not done this and are not good planners, so whenever something eventually happens (they are not in the best of health), it will be much harder to pull together documents/information and coordinate decisions among the siblings. Putting money issues aside, I think these conversations are responsible among older parents and their grown children. I've seen my parents deal (for years!) with their own parents' estates because it wasn't polite, or something, to talk about money. It's a gift to children to plan well, and then to discuss (even in broad strokes) what those plans are and where documents can eventually be accessed.[/quote]

That's completely different from what OP is talking about. You can know where the funds are and where to find the records without knowing the details of how much money your parents have. My parents named me executor in their will, gave me medical POA, etc., and included in the packet they gave me a list of all of their financial accounts insurance policies, etc., with institution names, account numbers, passwords if applicable, etc. But I don't know how much money is in those various accounts, and it's not my business until they die.[/quote]

+1.  My parents have not discussed the specifics of what they are worth.  However, both my brother and I know where in the house the firebox is which has the will, the key papers, etc.  In the event both of my parents die, either one of us could get the firebox and could start sorting and processing.  I'm not sure which of us is currently the executor as Dad has switched it a couple of times in the past.  But I don't need the details, only where the papers are that we need.  My parents have significantly more money than any of us children, but the exact amount?  Not sure and not my business until it's my money.  Right now, we're doing okay, so I'd rather have my parents than their money.[/quote]

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