10 Questions to Ask Your Loved Ones

We know the importance of planning for major events in our lives and sharing those plans with our family members and loved ones.

When dealing with finances, sometimes we hesitate. Discussing financial issues with family members often waits until a crisis occurs. Unfortunatley, it may be too late.

Money can be a sensitive subject with family members, it’s often at the center of many decisions in later life. Decisions such as housing, health, and long-term care. For older adults, talking with their children about future financial arrangements is critical, even if the children are reluctant to do so.

Now is the time to talk with your family members. Help them learn what information is needed. Provide information they can use to assist you through any challenging times as you age.

Here are 10 Questions to ask your loved ones or questions you can answer to help you start talking with family members:

Questions:

1. Do you have a will? Where is it? Do family members have access?

2. Do you have an advanced directive, such as a living will? Or health care durable power of attorney? Where is it?

3. Who has your power of attorney? Is it the executor of your estate? How can he/she be contacted?

4. Have you selected a funeral home? Planned or paid for a burial site?

5. What is the location of essential personal papers?

  • Birth certificates
  • Marriage certificates
  • Dissolution of marriage
  • Social Security
  • Military service records

6. Where do you keep life, health, property, and long-term care insurance policies?

7. Where is your checkbook? What bank do you use?

8. Do you have a safe deposit box? Where is it, and where is the key? Do you have a list of contents? Do family members have access?

9. Have you made a list of investments (savings accounts, certificates of deposit, stocks and bonds, etc.)?

10. What are the names and contact information of the financial advisers/institutions that have the investments?

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