Never Too Late To Talk Finances With Mom

CURATING | by SHERRY STRIPLING

A FRIEND RECENTLY TRIED COAXING HER MOTHER into familiarizing herself with the family finances. Her mother’s response was that there was no need:

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“I know right where Daddy keeps the checkbook.”

Busted! “Daddy” hasn’t paid bills by check in years. Her mom needs to know: How does online banking work? What are his passwords? How much do they have, where is it and whom should she call if something suddenly happens to Dad?

Some women take the lead or are close partners in family financial planning, of course. Others hear, “Don’t worry, I’m not going anywhere,” and close their eyes to make it true.

Remind your mom or your grandmother that being in the know is not a matter of convenience but survival. The majority of women are single by age 85. Worse: AARP tells us the average age when a woman becomes a widow is 56.

• Sit down with your parents or grandparents and take stock
• Assure your folks that you don’t need to know account balances, but want to make sure they both know them, and that you will be educated enough about their finances to help
• Clear off a large table, near a computer, and go over such things as:
  • Names and phone numbers of their accountant and financial adviser
  • Insurance policies
  • Safe-deposit boxes
  • Wills and power of attorney
  • Financial institutions and account numbers
  • End-of-life issues

Getting things in place in the good times when emotions are steady is so much easier. While you’re at it, tidy up these same business details for yourself.