When you have aging parents, talking about their estate plans can be a difficult discussion. No one wants to talk about what will happen after their loved one is gone. Still, it is critical to discuss with your parents to ensure that they have a say in their plan.
Business Insider describes several tips to approach this subject with your parents.
Ask questions as soon as possible
Do not put off the discussion. If your family winds up in court over your parent’s estate plan, it becomes more expensive and time-consuming. Decide how you want to approach the conversation in the beginning. For example, if there are any famous estate plans in the news, bring them up as a topic of conversation. You can segue into discussing your parents’ situation.
Once you begin the conversation, ask your parents if they have an estate planner or financial planner to assist. You want to ensure that they understand what they need out of one if they have not started shopping for an estate planner. After all, an estate planner is a person who can provide the best advice on how your parents should handle their estate.
Bring the family together
Do not have the conversation with your parents alone. If you have siblings or other family members close to your parents, have a family discussion. Keeping the entire family involved with lesson possible disputes later. There shouldn’t be any secrecy surrounding the estate plan.
In the discussion, talk with your parents and making healthcare decisions on their behalf if the time comes and whether they want a living will or trust. Discussing these matters, even if it’s a touchy subject, can provide peace of mind for everyone involved.
