If your parents are getting older, then you might find yourself concerned about whether their affairs are in order. While this includes some sort of estate plan that specifies how their assets will be distributed when they pass away, it should also include considerations about how their health and financial decisions will be made if they become incapacitated.
But far too many individuals put off estate planning until it’s too late. Your parents might fall into that group. If that’s the case, then it might be a good idea to trigger a conversation about estate planning to help them get the process started before it’s too late.
How to talk to your parents about estate planning
This is a delicate topic to broach given that it touches on mortality and sensitive financial issues, so you’ll want to exercise care when raising the discussion. That said, here are some tips that’ll hopefully help you kickstart a meaningful conversation with your parents about the estate planning process:
- Find a news story or recent personal account that you can use as a catalyst to start the conversation.
- Listen to what’s most important to your parents.
- Be patient and don’t rush the conversation.
- Take notes so that you can reiterate what they’ve said is important to them and so that it’s easier to return to the conversation if you have to revisit it later.
- Be open and honest about your intentions in raising the topic.
- Consider looping other family members into the discussion so that you don’t inadvertently give the perception of impropriety.
- Ask open-ended questions to get your parents talking.
- Focus on the essentials of estate planning, such as a will, trusts, healthcare directive and a power of attorney.
Know where to look for additional assistance
Talking to your parents about estate planning is one thing, but actually creating a plan is another story. If you want to ensure that your parents have the support and guidance needed to build an effective estate plan, then you might want to assist them in securing aid from an experienced estate planning attorney.
