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How to talk to your parents about estate planning

On Behalf of | Mar 31, 2022 | Estate Planning | 0 comments

As your parents age, they may begin to think about their future and their estate. There can be many benefits to estate planning.

This may seem like a difficult topic to broach if they are not already considering it. By keeping a few things in mind, you can help ensure that you are bringing up the topic in the right way.

Know the basics

Before discussing estate planning with your parents, you need to make sure that you have done some research first. You should make sure that you know the basics about what documents are usually included in an estate plan, such as a Last Will and Testament and a Financial Power of Attorney as well as a Healthcare Power of Attorney and Living Will.  It may also include a trust.  Your loved ones will need to select a personal representative as well as a contingent one.  They may need to select a trustee.  They will need to select an agent for their Powers of Attorney to help with financial and medical decisions.  Additionally, some taxes can impact their estate plan. Making sure that you know what you are talking about can show your parents that you have done your research.

Have a goal

Along with doing your research, you also need to make sure that you have a goal in mind. Whether you simply want to introduce the idea to your loved ones or you feel that it is important for them to make decisions within a shorter time frame, it can be beneficial to have a goal in mind when you bring up the topic.  You should probably have already prepared your own estate plan, which can make it easier to bring up the topic.

If your parents are aging, you may start to think about what the future holds, and you might feel concerned about making sure that they, and their assets, are protected. You may also feel uncertain about how to bring up the topic. While it may seem challenging at first, doing so can be important for ensuring that your loved ones are properly prepared for the future.