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Finance For Dummies

Finance For Dummies offers personal finance information on investing, retirement investing, finance, insurance, credit cards, loans and more. Personal finance education is our goal.

Tuesday, July 25, 2006

Important Financial and Legal Questions for Kids to Ask Their Parents

We have gone over what you need to prepare in case something goes wrong, but let's also discuss what you need to ask your parents to make sure they have prepared you.

  1. Do you keep a budget? Make sure they know where the money will come from and where it will go.
  2. Do you have a will? If they do, great, but make sure it is up-to-date. If not make sure they prepare one as soon as they can.
  3. Do you have enough money in your retirement accounts? Find out where their retirement money will be coming from and if it will last them 20-30 years of retirement.
  4. Where are all your important documents? If they hide them and you do not know where they hid them prepare to search for a long time.
  5. Are you financially prepared for certain scenarios? Assisted-living, in-home nurse, etc can be costly. Think about long-term care insurance.
  6. Who will make medical and financial decisions if you cannot?


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