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YOUR FAMILY'S ASSETS & LEGACY

How can you address estate planning with your parents?

by | Dec 8, 2021 | Estate Planning |

Do your parents’ have an estate plan? Most people do not want to think about something happening to their parents, but it is something you need to think about and plan for, particularly with aging parents.

According to Money Crashers, only 42% of Americans have a Last Will and Testament. When talking to your parents about their estate plan, you should always have tact, but keep in mind that it is a critical and necessary conversation to have.

Open up with your siblings about the talk

You should not have the conversation on your own if you have siblings or other close family members of your loved ones. If you have the conversation in secret, your siblings may assume you want to control your parents or the estate plan. Do not open the door for disputes. Instead, be transparent about the conversation and include other family members in it.

Be patient and never apply pressure

You do not want to bring up estate planning at the wrong time. Listen and be patient, if you bring up the conversation and your parents want to put it on hold respect their wishes. Remember, this may be a difficult subject for your parents to discuss with you.  Likewise, never pressure anyone about what they do with their money or assets. You do not want to argue with family or pressure your parents. All you want to do is ease the financial and emotional stress that comes with end-of-life decision-making.

Remember to be empathetic and remember how difficult the conversation is for everyone involved.

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