As a financial professional I am amazed by how many people refuse to have an adult conversation about their financial position or estate planning.
My wife has told me repeatedly that she is uncomfortable with the topic and her family never talked about such things. In the back of my mind, I am hearing that there was nothing to discuss, there were no funds to plan with. While not completely true, there are an impending issues with an aging mother and her assets.
What I have learned over the years is that the wealthy talk about their assets and plan for them and the securing of them for their heirs. A hundred years ago I worked with financial advisors as their back-room plan preparer and compliance. So, I was in a lot of those meetings.
One of my standard questions at tax time is to discuss the will and trust situation with clients. I also have a tendency to bring up life insurance as well. If you are married and have a mortgage and small kids you need a boat load of term insurance for you and your spouse. Imagine having the mortgage, car payments and kids education on top of the normal crushing presence of bills with one less pair of hands and income.
These discussions are healthy and necessary. I have made lists and outlines of how things should be handled in the event on my taking the “Big Sleep”. The kids are old enough to know that they will probably be handling things. Some know where to find things. They also know who to call to get the life insurance benefits started.