Monday, July 18, 2016

Talking to Parents about Wills and Estate Planning

Recent study surveyed more than 1,200 parents aged 55 and older, along with one of their adult children at least 25 years old, on topics that range from elder care, estate planning, and the ability to cover living expenses in retirement, to see if parents and kids were in agreement. This year, the survey included new questions about the role children play as parents get older, which revealed that four in 10 families "disagree on the role their child will play as parents age." Overall, while 93 percent of parents didn't find becoming financially dependent on their children acceptable, only 30 percent of children said the prospect of their parents becoming financially reliant on them was unacceptable. Communication about wills and estate planning was also lacking. More than 27 percent of the children that parents expected to be executor of their estate weren't aware of it. The study found that 55 percent of parents assumed that their oldest child would be their executor.

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