If your parents are getting older, then you might find yourself concerned about their future. In instances of declining health, for example, you could be worried about who will care for your parents when they’re unable to take care of themselves. The costs associated with this long-term care can be extensive, too. Without proper planning in place, these expenses can erode your parents’ savings and devastate their ability to develop a sound estate plan that meets their needs.
And that’s just one aspect of estate planning that could be critical to your parents’ future and the future of their estate. After all, if your parents don’t create a strong estate plan, then their assets will be distributed pursuant to state law, which may not align with their wishes and their vision of the future. But if you’re parents are slow to act in creating the estate plan necessary to protect their interests, what can you do to help?
You can help your parents kickstart the estate planning process by having conversations with them about the process. Admittedly, this can be a little uncomfortable to bring up given that it deals with mortality, but given its importance, you shouldn’t ignore the matter. Here are some tips that we hope you’ll find helpful as you try to engage your parents in a conversation about estate planning:
- Find an “in”: Figuring out how to start the conversation in usually the hardest part. You want it to come up naturally, so look for news stories or personal accounts of family members or friends that you can use to segue into a conversation about your parents’ planning.
- Focus on their interests and values: You shouldn’t try to riddle your parents with so much fear that they feel compelled to create an estate plan. Instead, focus on what’s important to them and how an estate plan may be able to help them achieve their goals, even after they’re gone.
- Be prepared for resistance: Talking about death and estate planning can be tough. That’s why you shouldn’t expect this conversation to be wrapped up in one talk. Given its weight, be ready to break it up into multiple conversations over time. You’ll probably find that your parents will be much more receptive to this approach.
- Take notes: Your parents might have a lot to say about what they want from the estate planning process. By taking notes, you can revisit key points and help your parents establish a framework for the estate plan that they want and need. This can be beneficial when they sit down to create their formal estate plan.
- Inform family members of your intentions: You certainly don’t want to give the appearance that you’re trying to unduly influence your parents to your own benefit. So, be sure to tell other family members about what you’re doing. You might even get some assistance from them to make the process a little easier.
Now is the time to help your parents create the estate plan they want and need
Although talking about estate planning might not be the easiest thing to do, you can’t put it off too long, otherwise it could be too late when you finally muster the courage to have a talk with our parents. So, if you want to help your parents protect their interests, then now is the time to strategize the best way to broach the topic and guide them to create the estate plan that’s best for them and their estate.