This has happened in my own world so thinking it might be more universal. We have couples that have been married for 50 or more years. Majority of women have worked hard from home, raised families, supported husbands and now are often being lost in financial situations. They have been Mrs. Joe Doe for 50 or more years not realizing that they might have no credit rating in their own name expect the one tied to their husband, they might be unsure of what bills, taxes are coming into the household and what money is going out. As we age it can be hard to have those conversations with our loved ones but I think they are needed.
So lets sit down over lunch or coffee and discuss “what if” scenarios with our loved ones. Do you know where the banking information is? Are you reading your statements every month or do you know how to access them? What bills are being paid automatically on credit cards, through debit or even still coming in the mail? Get them to start opening, reading and learning what bills and government mail is coming into the home if they are not the spouse who has dealt with it through the years.
I know a lot of us are not in this situation as we have worked outside the home, gotten a credit rating, bought our own homes, paid taxes; but we might know individuals who have supported, encouraged and raised their families but have not been in charge of the financial side of the home. Have the talk now about finances and helping them worked through it together before it becomes a crisis and the one who knows where all the information is no longer with us. Sometimes a third party involved might make the conversation easier and less threatening.