Eventually, in life, most people create an estate plan to ensure their assets are put to good use after their death. As such, you’re expected to outlive your parents and they’re going to need an estate plan if they want to make their passing easy for you.
Estate planning can be difficult to discuss, even if you and your parents are open to any kind of conversation. When approaching the subject of estate planning, you should know how to talk to your parents:
Ask if your parents already have an estate plan
Some parents prefer to make estate plans without informing their children. This way they can reduce any fighting between siblings or they may assume their children already know how their estate is being distributed.
However, you may find that your parents haven’t put any thought into their estate plan. They may have had no plans to begin with or they may have delayed making their plans, but have some kind of idea about what they want to do. If this is the case, then you may need to talk to them about their future.
Explain what’s included in an estate plan
If your parents never once considered planning out their estate, then they likely don’t know what they’ll have to include in their will or trust. Here’s what you could tell them will need to include:
- ● Heirs and assets
- ● Executor of estate
- ● Power of attorney
Once they have a better understanding of what’s included, it may be easier for you to approach them to start planning.
Ask them what your role will be
Estate planning includes future prospects but also immediate events. For example, you may be asked to serve as your parents’ executor of their estate when the time comes. But, you could also be asked to be their power of attorney if they face any medical problems along the way.
Guide them to seek help
Estate planning is by no means easy. Your parents will have to plan and detail a lot of decisions in their estate plan that even may have difficulty discussing. If you’re looking to get your parents to plan their estate, you may consider encouraging them to seek legal help.