Have You Had "The Talk" With Your Aging Parents?

Before you even broach the topic, think about the information you are seeking. You need to know much more than whether a Will exists. Are there powers of attorney or health care proxies? Do they have life insurance? Have they made a list of every single account that they owe or collect money from?

When discussing these issues with parents, try to avoid placing blame on them and making "You" statements,. Don't say "Why didn't you take care of this sooner?" Instead try, "I am worried about honoring your wishes and doing the right thing after you pass away."

Once the parent is on-board and willing to have the conversation, you can broach the idea of bringing in trusted people to the conversation — hopefully a professional. You might ask to tag along on a visit to your parents’ lawyer or financial advisor just so that you can get educated.

Hopefully, the process will bring about peace of mind for you and your parents, so that they can continue to enjoy their golden years, and you won't spend sleepless nights worried about managing their affairs when they are gone.