You’ve no doubt noticed how quickly time flies. Between work, home and kids’ activities, it seems you barely have time to breathe.
You’ve also likely noticed your parents are aging. Furthermore, you also realize you don’t know if they have an estate plan.
Common concerns
You may worry that you appear greedy to your parents and are only concerned about your inheritance. However, estate planning also includes considering their future healthcare needs, managing their finances if they become incapacitated and ensuring their end-of-life wishes are respected. Without a proper plan, your family could face legal battles, financial difficulties and emotional stress.
Concerns about overstepping boundaries can make it tempting to postpone the conversation. But by addressing estate planning with your parents, you can:
- Have a better understanding of your parents’ preferences regarding medical treatment, funeral arrangements and asset distribution
- Avoid a lengthy probate process and ensure a smoother transition of assets
- Minimize misunderstandings and conflicts between you and your siblings and other family members
Approaching the topic of estate planning may seem daunting, so here are a few tips to help guide the conversation:
- Ensure the setting is comfortable and free from distractions. Even though everyone may be gathered together for a cookout or holiday gathering, it’s better to have the conversation during a calm and relaxed time.
- Be open and honest and let your parents know that you only want to meet their wishes.
- Estate planning is not a one-time task. Revisit the conversation periodically to ensure that the plan remains up-to-date and reflects any change in their circumstances.
- Your parents may feel uncomfortable discussing their mortality and finances. Be sure to reassure them that the goal is to protect their interests and provide for their care.
Nobody wants to envision the thought of losing their parents. However, families have a duty to each other. Discussing estate planning provides the opportunity for understanding and unity within the family. It’s a vital step in securing a future for your parents.
