As your parent gets older, you want to be sure that you were doing what is best for them by helping them protect their best interests. You can help your parent by talking to them about creating an estate plan.
Creating a will is not always an easy subject to discuss, which may be why more than half of adults do not have one. There are many benefits to having a will, and here is how you can help your parents create one:
Talk about the risks of not having one
When someone passes away without having an estate plan, it can leave all of their assets subject to a lengthy probate process. This delay can result in loved ones having to wait a year or longer to receive the funds that they need today.
Additionally, without an estate plan, you are risking your assets to go to the wrong people. The state may decide that someone other than you are intended beneficiary inherits your assets, which would leave the correct person with nothing.
Discussing the benefits of having a will
A thorough estate plan ensures that your friends and family will receive precisely what you want them to receive and that they receive it in a timely manner. A will also prevents families from fighting about who received what because they can all agree on what your last wishes were. A proper estate plan can also take advantage of trusts to help avoid or reduce estate taxes that would keep money out of the pockets of your loved ones. The reduced time to receive these assets also lowers the costs of legal fees during the probate process.
Let an attorney help you
An experienced estate planning attorney’s guidance can make it quick and easy to create a legal document that you can rely on when you need it. Everyone can benefit from an estate plan, and now is always the best time to create one.