We don't like to think about the last phase of our life nor the end of our life. Most of us would rather think about anything but these. Unfortunately, time moves forward and does not care. And after we are gone- everything about us will be without us. There are at least three crucial conversations we all need to have with friends and family as we move into old age.
What do you want to happen if you are terminally ill and dependent on machines to keep you alive? Do you want to be taken off life support or be kept on in the hope medical science can resolve your problems? Do you want others in your family to have a say in this decision? Perhaps so. I think ultimately the final decision is up to us. If you wait to make this decision too long, it will be made by others for you. It's not something you should ask others to do. Some may spend the rest of their lives agonizing over whether they made the right decision for you or not. Get a Living Will and discuss it with friends and family before it becomes an issue.
What kind of care do you want if you can no longer care for yourself? There will come a time when family cannot give the care you need. Giving 24/7 care for someone who can do little to nothing for themselves is no simple task. Prepare for this ahead of time. This is another conversation that is essential for avoiding trouble down the road. You want to have a say in what kind of care you get and where. Those around you need to know your wishes. Workout with friends and family who will see you and advocate for you when needed. Plan for how care can be paid for. Set aside money and maybe consider buying Long-Term Care Insurance.
Who will get what after you're gone? You have worked hard and built substantial wealth. The last thing you want is friends and family fighting over who gets what in protracted, costly legal battles after you are gone. Yes, I think people fundamentally want to do the right thing but when money's involved, behaviors change. Create a will and discuss it with family and friends. Let people ask questions and answer them honestly. You can meet with people one-on-one and I would also meet with people in a group. Having several friends and family members around makes a “he said she said” situation less likely. It doesn't have to be only one meeting, you can do several. It's not the most fun conversation but one that can save a lot of conflict and strife down the road for your loved ones.
I'm sure there are many other important conversations to have. Most will be specific to the situation and those around you. Perhaps there is fence mending that needs to be completed or other lingering unaddressed issues that need to be dealt with. Each one of us is different and so the needs will be different. I think the three things above-who will get what after you're gone, how to handle elder care and do you want a living will or not are crucial for avoiding protracted conflict after you are gone. What conversations have I missed?