Why your family should know about your finances
Research as well as statistics has shown that many older adults have chosen to keep their finances a secret even form their families. This has however proven problematic during the course of life of these older adults as well as during the times of calamity. More often than not, this situation ends up at the mercy of the court.
The first and most important reason why your family should have knowledge of your finances is so that they learn to practice responsible spending. This is because with the perception that you have so many finances, they may end up overspending and this may not be the level to which your financial position can sustain. As such, you will end up draining every form of finance you may have accrued over the years. Alternatively, they may choose to be misers with the aim of saving so much when they have enough to lead a comfortable life. These two scenarios preset evidence of why it is important to level with one’s family about how much you have. Consider a 2019 medicare supplement plan to get your finances in order.
In the unfortunate occurrence of an accident that leads to your death as an older adult or incapacitation, it is important that your family knows how much you have so that they will use it to meet the expected bills or rather, they will be able to have provision long after your passing. During this time, some legal representatives tend to take advantage of your incapacitation and the fact that your family are not in full knowledge of things to actually defraud you and benefit themselves and their families leaving your family to suffer.
If you are not open to disclosing your finances to your family, then it is advisable that you draft a will and leave it with your family’s trusted legal advisor so that in the occurrence of an unfortunate event that may lead to your death, your family will be in a secured position and your finances will fall in the hands of the individual persons you dim fit to manage them moving forward. Brothers and sisters of an older adult also pose a threat to one’s personal family including the spouse and children and will want to deny them of what is lawfully theirs by inheritance. This will be worse if persons such as your spouse has been in the dark in regards to every financial detail you may have accumulated and stored or invested in the course of the many years.