Why And How To Talk To Your Parents About Estate Planning

Why And How To Talk To Your Parents About Estate Planning A will is a key estate planning document that provides a roadmap for you and any siblings you may have. by talking about this in advance, you and your family will be able to make a plan for managing your finances in the future. plus, if your parent don't have a will or trust, the probate court will appoint someone to handle your parent’s affairs. For example, a parent may give their agent the authority to do one or more of the following: pay bills and provide financial support to your family. handle real estate and personal property such as vehicles, household items, etc. manage bank accounts and investments such as stocks, bonds, commodities, and options. manage their business interests.

Why You Should Talk To Your Parents About Their Estate Plan Put your parents at the heart of the discussion. you may be curious about your parents’ estate plans for many reasons, and those reasons are likely valid. but if you want to get your parents talking, you’ll need to approach the conversation with a focus on their point of view. “as people age, there are generally two things that are really. 4. approach the conversation with empathy. it's important to recognize how difficult this conversation can be for you and your family, and approach the sensitive topic with understanding and empathy. to do so, plan ahead and communicate when the estate planning conversation will take place. this can give everyone time to compose their thoughts. Families find it difficult to talk about estate planning. while it may not be quite as awkward as talking about the birds and the bees, estate planning is one of the most critical and delicate. Let them know that you’ve been thinking ahead, and ask if they’ve done the same. this approach normalizes the conversation and demonstrates that estate planning is for everyone. making the conversation productive. once you’ve opened the door, the key is to keep the conversation productive. estate planning can be emotional and sensitive.