Talking with your aging parents about their estate plan can be difficult. No one wants to entertain thoughts of their own mortality, but if important estate planning tasks are put off indefinitely the financial fallout can be serious. While it can be a tough subject to broach, the following tips enable you to have a constructive conversation with your elderly parents about their estate.
Help your parents find an estate planning professional
While it is possible to create a will on your own, it is generally not recommended. Working with an attorney or other estate planning professional ensures your parents receive good advice about everything from taxes to trust creation. If your parents do not have anyone in mind, do a search on your own to find the right help. You want a person with experience in estate planning, which ensures the best results.
Make sure the rest of your family is involved
Preventing disputes among heirs is another important concern. If you have been taking the lead on your estate planning for your parents, your siblings may feel at odds. That is why it is best to include them in the planning process, so it remains open and transparent. Doing so can prevent major disputes after your parents are gone, which can cost both time and money to figure out.
Have the conversation ASAP
The longer you put off the conversation, the harder it will be to bring up. If you are uncomfortable, use current news topics or the estate planning process of friends and family to bring up the discussion. Emphasize that you are coming from a place of love and compassion, and leave the decisions to your parents. You are simply there to guide the process and ensure your loved ones have a solid estate plan in place.