All your financial information needs to be available for the people who are left behind because they will be grieving; and if they have to play detective to figure out what accounts need to be closed and what assets were left behind — that’s an absolute nightmare.
Cameron Huddleston

As we age, we may need help managing our finances for a myriad of reasons – including cognitive decline. How to start that conversation with an adult child may be challenging for both parties, but it’s a critical conversation to have to prevent costly errors or even losses along the way.

Ready to tackle the difficult conversations about money with your adult children? This episode of This Is Getting Old: Moving Towards An Age-Friendly World will help smooth out any wrinkles in those talks, thanks to Cameron Huddleston’s sage advice. Get ready for an enlightening chat – and a sigh of relief.

Key points covered in this episode:

✔️ When To Have The Conversation?

Cameron Huddleston, author of “Mom and Dad, We Need to Talk” and award-winning journalist with 20 years of experience writing about personal finance, suggests that the best time to have this financial management conversation is when you are healthy and relatively young.

“Having this conversation in your fifties with your 20-something or early 30-something children is a great idea,” Cameron said.

✔️ What Information To Share?

If you have named one of your children as your Power of Attorney—meaning they have the right to make financial decisions in transactions for you once you’re no longer able to – that person needs to have a good idea about the details of your finances. Your child needs to know the following:

  • Where you bank
  • Be able to access those bank account(s) to pay the bills. 
  • How they must pay for care if you need long-term care.
  • If there is still a mortgage or other types of debt.
  • Your account numbers, usernames, and passwords—they need it all

✔️ Completing the In Case of Emergency Organizer

In Case of Emergency Organizer is a valuable tool that compiles all that information, including Social Security and Medicare numbers, health insurance policy numbers, life insurance, all of your financial accounts, usernames, and passwords.

✔️ Think Of It As A Gift

Think of it as a gift to the people you are leaving behind—to have this information organized so that they don’t have to play detective, and it won’t be even more difficult for them.

✔️ Creating And Coordinating Your Circle

Identify those trusted family members early on. If you don’t have children you trust, identify someone else. Maybe it’s a niece or a nephew, or a family friend. You’ve got to have someone you trust who can be there for you if you need help with finances as you get older.

If you have questions, or comments or need help, please feel free to drop a one-minute audio or video clip and email it to me at melissabphd@gmail.com, and I will get back to you by recording an answer to your question. 

More Resources About Memory And Alzheimer’s Disease …

This Is Getting Old has several other episodes about memory and Alzheimer’s. You can check them out below:

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About Melissa:

Melissa Batchelor, PhD, RN, FNP, FGSA, FAAN. I am a nurse, nurse practitioner, nurse educator and nurse researcher with over 25 years of experience in the aging and long-term care healthcare space. You can visit my website at MelissaBPhD.com to learn more about me, how you can work with me directly,
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