In our previous article, “Growing Pains: ‘The Talk’ with Your Elderly Parents” we discussed how important it is for adult children to have an open dialogue with their parents about end-of-life financial decisions. It is equally important for spouses to have the same conversations.
Often times, one spouse handles all the finances and retirement decisions. We cannot emphasize enough how important it is for both spouses to be involved in all aspects of their shared assets. Let’s look at this issue from both perspectives. If you are the “driver spouse”, would you want to leave your partner unprepared, especially during their time of grief? Conversely, if you are the “passenger spouse” who relies on your partner to handle all the finances, would you want to be overwhelmed with financial matters once your partner passes on?