For many, estate planning seems like a task that you can always put off until later. However, preparing one’s assets for the future becomes an increasingly complicated and sensitive matter as the years go by.
It can be difficult to bring up the topic of estate planning with your aging parent, especially if they are in poor health. However, doing so can help grant peace of mind to the entire family.
Ask about your parent’s will
The will is the simplest aspect of any estate plan, and it is also a good starting point for the discussion with your parent. Ask if your parent already has a will in place, and then you can work toward expanding the existing document or starting one from the beginning if necessary. With that foundation settled, you can recommend that your parent uses a trust for more involved estate planning matters.
Understand your parent’s concerns
As the discussion around estate planning continues, it is important to be sensitive to your parent’s feelings and concerns. It is easy to come across as pushy or demanding when speaking to an aging loved one about their inheritance plans. You can avoid this by being honest and communicative about your intentions every step of the way, and by being supportive in your efforts to ensure that no one suffers additional stress or hardship when the inevitable occurs.
The longer you wait to talk to your parent about estate planning, the more difficult it may become to broach the subject. Consider taking the leap sooner rather than later so that you can save yourself from having a conversation that might cause tension during a sensitive time.