As older Americans pile up debts, because they are forced to pay out for end of life care, children are fearing they are responsible for the outcome. Do you know how your loved one is spending their money? Most parents don’t want to burden their child with their debts, however if they pass away, you could be left to clean up financial worries.
Usually when a person dies, their estate owes the debt, however that is taken away from the amount left for the heirs. At Cope Mosaic we suggest if you are named in someone’s Will, you should have a talk about their finances. This will better prepare you for those unexpected surprises down the road.
Some tips to start these conversations:
- Keep the conversations brief.
- Give your friend or loved one the control as much as possible and be as specific about your concerns as possible.
- Finally make sure there is a Will in place, and directions on how you can locate in case of an emergency.