It can be difficult for families to initiate discussions about important topics such as retirement preparedness, eldercare and estate planning, but a recent survey by Fidelity Investments in the US has found that children are more prepared to help out than parents might think.
On the subject of money, although a majority of parents (93%) feel it would be unacceptable to become financially dependent on their children, only 30% of children feel the same. When it comes to health, many children surveyed said they or a sibling would care for their parent if they become ill.
However, the study also found areas where parents need to speak up to ensure their wishes are heard, including with regard to appointing an .
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Please note: This article is for general information purposes only and does not constitute legal advice. It should not be relied upon as a substitute for professional legal advice tailored to your specific circumstances. If you need advice on a legal matter, get in touch with our team.
