This was not a topic that I had planned to write about this week but I felt the need to address the situation. As you know I work in a bank branch as a Personal Financial Planner. This past week I had two different clients come and see me with their children to get their estate affairs in order.
My own Dad offered to send me a copy of his latest investment statements because he wants to me to know “how my money is doing.” When I asked why he said “Well Tahnya because when I go, it’s going to be yours.” I couldn’t believe what my ears were hearing. I thought to myself “where is he going?” My Dad is only 56 years old.
The average age of my clientele is 45-65 years old. If you are a DINK then you are most likely in your late 20s to 40s. This means that just like me, your parents are baby boomers and getting ready to retire or have recently retired. My Dad retired last June and now he feels that “he’s not going to be around forever.”
It is important to draft a will and keep it up to date for many reasons such as it ensures that your final wishes are honored. It also leaves less of a headache for your loved ones that are left behind. Settling an estate without a will can be very costly and can also take many years before it is officially finalized.
A will is not only a good idea for designating beneficiaries of financial assets, it can also be used to distribute personal belongings such as jewelery and household furnishings. A will can also be used to organize funeral arrangements with the wishes of the deceased.
This is a posting for DINKS but also for your parents, and if you are lucky enough your grandparents. So please pass this on to them so that they can be well informed. I don’t assume that many baby boomers and seniors read our blog, but hey who knows, maybe this will bridge the generation gap and open some new doors for DINKS.
It is responsible to have good financial and estate planning. But at the same time we also don’t want to think of our parents passing away or living our daily lives without our Mom and Dad.
It’s good to be prepared, but don’t be paranoid.
(photo by lotyloty)