As baby boomers age and their adult children mature, boomers confront one of life’s most difficult challenges: facing their own mortality. Giving up control may be a new experience for boomers. Beck, Lenox & Stolzer knows too well that what comes after the Birds and Bees talk is really “the toughest talk”. This toughest talk came from an article by financial columnist Terry Savage that appeared in a recent edition of the Chicago Tribune.
Hip replacements, cataract surgeries and a host of new drugs have allowed boomers to postpone the realities of aging differently than their parents. However, time can’t be stopped forever. Family gatherings are often the perfect time to start having these difficult conversations, so the baton of financial knowledge and control is passed.
The first step is to make an estate plan. More than 40% of boomers don’t have one—including a will or a revocable living trust. Estate planning concerns more than wealth distribution. It’s about empowering others to act on your behalf if you are too ill or unable to handle financial matters. A simple Power of Attorney for Healthcare and POA for finances might be enough for some people. However, you won’t know until you sit down with an estate planning attorney.
Terry Savage makes her opinion quite clear: “I never suggest an online will or estate plan. You’re bound to make a mistake—and you’ll be dead or demented by the time they discover it.” Talking with an experienced estate planning attorney in your town will save you and your family a small fortune in legal fees and nightmare scenarios if they need to take over your accounts or healthcare decisions for you.
Deciding who you trust to carry out your wishes in your last years and after your death is not always a simple, straightforward decision. However, deciding who you want to serve as an executor for your will and a successor trustee for a trust, along with a healthcare surrogate, is the most critical decision you’ll make.
Remember, these decisions aren’t about what’s fair and whose feelings will be hurt. They are about trust and competence. Your favorite child may be a wonderful human being. However, if he’s terrible at managing money or can’t get out of his own way to make a decision, he’s not a good choice for these roles.
Sharing your plan is step two. Being reluctant to discuss financial information will be costly and stressful when the inevitable events of life occur.
If you are not fortunate enough to have trusted adult children to take on these responsibilities, talk with your estate planning attorney about alternatives. Their experience with these issues will help you work out a solution. Don’t pretend the matter will take care of itself. It won’t.
Living for the moment is great when you’re young. However, for boomers, the time has come to plan for the future. Having these discussions now, before an emergency, and preparing the necessary documents while you are still competent will provide peace of mind for you and your adult children.
For assistance in creating or updating your estate plan, make an appointment with your current estate planning attorney. If you do not have one, schedule a free phone consultation with one of ours. Click here to select a date and time.
Reference: Chicago Tribune (Nov. 14, 2025) “Terry Savage: The toughest talk”
