Why death is a conversation every parent and child should have

Friday, Jul 24 2015 02:11 PM

Death is a topic few people are comfortable discussing and it’s one of the toughest conversations to start.

But it’s a subject that experts say must be addressed. So how should one approach it?

“Probably the way to approach it is just to say, you know, I just want to make sure your that your wishes are carried out properly,” said Diane Chong with Central Pacific Bank. “It’s a hard thing to decide when is the right time because as we know things could just happen overnight.”

Truth is many parents are secretive about their financial affairs, but the conversation doesn’t have to be intrusive.

“It’s as simple as knowing where their trust document is, where their will is and also if it is in a safe deposit box which is a very common place for people to put it,” Chong said. “You have to make sure that you’re going to have access to that safe deposit box when the times come.”

One document in particular can answer many questions.

“A bank statement could be very helpful because a bank statement is going to show deposits that go into the account,” Chong said.

The conversation is a two-way street. Parents need to stress to their children if for some reason they’re unable to care for themselves, that their affairs remain in order.

“You don’t want to miss a payment for an insurance policy and then all of a sudden something gets not paid and it’s canceled that could be a very bad thing,” Chong said.

So when should the conversation begin? A good time is at retirement age or even as early as your 60s.

In other words, sooner rather than later.

Waiting too long could be catastrophic.

“At a certain point you can’t even change documents, because if they’re not competent to make changes that can’t be done,” Chong said.

Ron Mizutani, July 23, 2015

Media coverage in this link:-

http://khon2.com/2015/07/23/why-death-is-a-conversation-every-parent-and-child-should-have/