6 Financial Documents Your Adult Children Should Know Exist — Without Giving Them Control

Adult children don’t need account passwords to be prepared for an emergency. Knowing which financial documents exist, where they’re stored, and whom to contact can be enough. Lucigerma/Shutterstock

Many parents hesitate to discuss finances with their adult children because they worry that sharing information means surrendering privacy or control. It doesn’t have to. Your children can know that important records exist, understand where they are stored, and know whom to contact in an emergency without having your bank passwords or the ability to move a dollar. In fact, the National Institute on Aging recommends telling someone you trust or a lawyer where important papers can be found, even if you don’t discuss the details of your personal affairs. These six financial documents adult children should know about can make an emergency or eventual estate settlement much easier without unnecessarily giving someone control today.

1. Your Will and Estate-Planning Documents