Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Just wondering how much I should share about my finances/assets with my kids.
I have 2 boys , well young men now, ages 24 and 20 both living independently on their own.
I have tried to be the best dad I could since the were born and I know I'm getting older (age 61) but still in excellent health (no smoking, alcohol or drugs...not even coffee...not even candy....).
I've been divorced by their mother over 6 years ago and live alone single so they are my only beneficiaries.
I've got a retirement from my job, a 401K, an IRA and savings. I own a home, etc.. I have kept the life insurance plans on me since they were kids and I was married.
I've hesitated from telling them all this because...well, because I just feel more comfortable them not being aware of what I'm worth dead. Just being honest (maybe it's my own suspicious nature)
But I also don't like the fact that they are completely ignorant of my assets and how I would want them to manage themselves.
I think about the money they would need initially for travel, leave from employment and such and don't want them worried about income during the final arrangements.
You don't have to tell them how much money you may be worth dead to start working with them to groom them
into financially responsible adults. Start getting involved with them and overtime you may become more comfortable telling them.
I'd also check your life insurance and retirement accounts to make sure you updated your beneficiaries after your divorce.
Agree with that. Teach them how to be financially successful.
But besides that, all of your financial and investment information should be kept updated in the same envelope as your will. Perhaps not numbers, but where the accounts are located.
At 61 hopefully you will not have to worry about this for a long time. However I would leave everything that they would need to settle the estate in one place and let them know where that is. Also talk with them about your final wishes.
You don't have to tell them how much money you may be worth dead to start working with them to groom them
into financially responsible adults. Start getting involved with them and overtime you may become more comfortable telling them.
I'd also check your life insurance and retirement accounts to make sure you updated your beneficiaries after your divorce.
I have changed the beneficiaries by removing their mother as the beneficiary and placing my mother as custodian of the accounts for them.
I still don't think they are ready to handle that kind of money.
I am concerned about having a alternative to my mother but don't have anyone else in the family I trust.
Agree with that. Teach them how to be financially successful.
But besides that, all of your financial and investment information should be kept updated in the same envelope as your will. Perhaps not numbers, but where the accounts are located.
I have tried to demonstrate financial responsibility but don't think they've completely gotten it yet.
Unfortuantely, they've been taught how to be frugal but they haven't bought in to it.
At 61 hopefully you will not have to worry about this for a long time. However I would leave everything that they would need to settle the estate in one place and let them know where that is. Also talk with them about your final wishes.
This seems like a good idea. I could put everything on a drive with information updated as needed ; now need to figure how to give them access when it is needed.
Location: Was Midvalley Oregon; Now Eastside Seattle area
13,123 posts, read 7,600,830 times
Reputation: 9900
We have an Only.
He knew in general of our financial situation since middle school.
He knew more in detail as he was in college.
He knows much more detail and assets as we are nearing 70. He's 31. Since he is an Only, knowing our financial situation behoves his "possible" inheritance.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
