People often talk to us about what they want to do for their kids. How to set them up financially, give them a head start with their first home, or how to help them start investing.
Lately, I’m also finding an increasing amount of people are supporting their parents – physically, emotionally, and sometimes financially too.
A common scenario is a couple in their early 50’s with teenage children at school, and parents in their late-70’s requiring help with everyday tasks. Throw working full time into the mix, and you’ve got a hectic schedule of work, school functions, kids sports, parent’s medical appointments and anything else that crops up.
Being pulled between the two groups, each with their different needs, can be stressful. By reducing the stress you can start to focus more on the many positive aspects – the experiences you enjoy together as a multi-generational family, the fulfilling relationships and the memories you are creating. Some of the areas to check for your parents to make life easier in the long run include:
1. Ensuring your parents have up to date Wills and Powers of Attorney.
2. Discussing documents you might need access to, and where they are stored.
3. Collating a list of their key contacts, including accountant, lawyer, advisor etc.
4. Discussing an Advance Care Directive to ensure you understand their wishes and values.
The conversations can be challenging but it’s important to gain a full understanding of their financial affairs so you can help them make the best decisions going forward and ensure they’re able to live life their way.
If you and your family need help in this area, reach out via email.