How to talk to your aging parents about estate planning

On Behalf of | Aug 25, 2022 | Estate Planning/Probate |

Having the talk about estate planning with your parents can be an uncomfortable discussion. However, without proper planning, your parents’ estate is potentially vulnerable to high taxation and state-mandated distribution.

To protect your parents and your inheritance, figure out ways to start a productive conversation.

Ease into the conversation

Dying is often a tricky topic to discuss, but you do not have to be so forward. As an ice breaker, try suggesting that you have been thinking about planning your own estate and want advice from your parents. If they begin speaking about their own plans, document that for them. This way, as you get deeper into estate planning, you can easily reiterate their wishes.

Provide the research

To make it easier for your parents, outline all the necessary steps for them, such as creating a valid will, choosing a power of attorney and making trusts. Inheritances might suffer from estate taxes, so proper planning can minimize those losses. Any information you can provide them to make this transition seamless will be helpful.

Ask about healthcare

A last will and testament is not the only type of will. Your parents can also create living wills that detail what level of medical care they want as they age and who can act as their executor. Choosing a health care surrogate is a major decision, one that the surrogate would need to prepare for.

Bring in the rest of your family

If your parents have other children or grandchildren, bring them into the conversation. Showing that everyone cares can help make the topic not seem so daunting. Plus, your parents may want to set something up for multiple family members.

By providing your parents with the right perspective, you can help them create the plan they desire.

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