When I left home for college, he told me, “Have a savings account. Treat it like a bill and put money into it every month just like every other bill.”
I did. He was right. Whenever I needed a new tire or a root canal, I always had funds.
But the best financial legacy he left his family was his trust fund. He and Mom set up a simple revocable trust about 10 years before he passed away.
They changed their checking account, their deed to the farm, and their vehicle titles to the name of the trust.
When Dad died, there were plenty of difficulties but one we didn’t have was with his finances. The trust has provided for Mom since he passed – and without probate or any complications.
Some parents are slow to face their mortality so I’m glad my dad set things in place to make the transition a smooth one.
If you can’t convince your parents to make plans, do it for your children. They will rise up to bless you in yet another way.