How To Talk To Your Parents About Their Estate Plans
Are you a member of the “sandwich generation”?
This special subset of adults is taking on the role of caregiver on two different ends of the age spectrum — their own kids and their aging parents. While this role is very important, it can also come with the need to have some hard conversations.
One of those conversations is talking to your parents about their estate plans. Ensuring that all of the loose ends are tied up now before an emergency happens, can lead to a less stressful transition, down the road.
Our main goal is to make our clients feel comfortable and secure in their financial and estate plans. To help achieve that comfort level, we’ve put together a list of some tips to help you start the conversation of estate planning with your parents.
Tip #1: Don’t Wait Until An Emergency
Not only is estate planning more stressful when it’s prepared under duress, but there are fewer tools and options available to you when you wait until an emergency happens.
Scheduling an estate planning appointment when your parents are healthy is the best way to ensure that they will be taken care of appropriately and that all of their final wishes are followed.
Tip #2: Do Your Research Ahead of Time
Starting this hard conversation off on the right foot is key to eliminating hurt feelings and unnecessary tension.
A great way to start the conversation is by leading with an interesting article you’ve read recently or a post you saw on social media. This will open up the door to explore the topic in a gentler way, rather than simply jumping right in.
Tip #3: Include Other Family Members
If you have siblings, ask if they want to be included in the conversation. Having everyone included from the beginning can eliminate any tensions or feelings of “undue influence” when a parent’s estate plan includes something one sibling may not be happy about.
When everyone knows from the beginning what the parents’ wishes are, it can prevent fighting down the road.
Tip #4: Discuss More than Just a Will
While a properly executed will is very important, it is not the only important document when it comes to estate planning.
Make sure to include the following into any discussions you have:
Who will make healthcare decisions when your parents are unable to?
Who will make financial decisions when your parents are unable to?
Are there any family businesses involved? Are there succession plans in place?
Will your parents need a trust? If so, who will be the trustee?
Are all assets titled properly? This can include homes, vehicles, financial accounts, or other deeds.
Tip #5: Don’t Be Afraid to Have More than One Conversation
Your parents have built their lives over many years. One conversation about estate planning is probably not going to be enough to tie up every loose end.
If you are starting to feel as though the conversation is going in the wrong direction or is information overload, cut it short and regroup at a later time.
The best way to ensure that your parents are taken care of and that their wishes are met is to make sure you understand what their short and long term goals are.
Understanding starts with open and honest communication.
If you need help starting this conversation with your parents, give our office a call. We would be happy to help!
Legal services are not offered through, nor supervised by The Lincoln Investment Companies.
