There’s a reason so many put off estate planning, despite its importance. It can be a very uncomfortable thing to do. After all, it’s not easy for people to imagine a time when they aren’t around. And also, estate planning can seem like a very complicated thing. So it’s easy to see why many people ignore the need to do it.
Trust & Will says that 55% of Americans have no estate plan at all. And if your parents fall into that category, it can be a very stressful thing for you.
You may want to broach the topic of estate planning with your parents. But the tricky thing is doing that without coming off as greedy or too focused on money.
You may have the best intentions when talking to your parents about estate planning. But there’s no getting around the fact that it can be a very difficult thing to discuss. If you’re not sure how to talk to your parents about making an estate plan, here are some tips to get started.
1. Choose the right time and place
Estate planning is not the sort of topic you want to bring up on the fly. You also don’t want to bring it up during joyous family gatherings. It’s something that requires your parents’ full attention, and they need to be in the right frame of mind to have that conservation. So walking over to them in the middle of a family wedding and saying “let’s talk about your estate plan now” is probably not going to go over well.
You should bring up the topic of estate planning when you’re alone with your parents in an environment that is both quiet and private. You don’t want other people walking in and intruding on that conversation. For this reason, you may not even want to invite your parents to a restaurant to talk about estate planning. You don’t need a waiter coming over to read you the specials when you’re in the middle of discussing things like inheritances and end of life care.
Instead, consider inviting your parents to your home for dinner where you can bring it up. Or offer to visit them at home and ask to talk about it then. You may also want to give your parents a heads up that you want to have that conversation so they are not caught completely off guard.
2. Express that you have your parents’ best interests in mind
It can be pretty awkward to bring up the topic of estate planning with your parents because you don’t want to look like your inheritance is the only thing you really care about. One thing to emphasize during those conversations is that your goal is to make sure your parents’ wishes are carried out for them.
Remember, estate planning is not just about inheriting money. It also involves discussions about end of life care and what medical decisions your parents would want you to make in the event that they cannot make those decisions themselves. These are important things to discuss for your parents’ benefit.
3. Come prepared with a list of key documents to suggest
Estate planning can be quite overwhelming. And your parents may not know where to begin. It could be very helpful to make a checklist of estate planning documents for your parents to put together.
That list could include a will or living trust, which could spell out their wishes for passing down their assets. It could also include a durable power of attorney so that someone can manage your parents’ finances if they cannot do so themselves. Finally, there should be a medical power of attorney so a trusted person can make medical decisions on your parents’ behalf as needed.
Another thing you may want to do is get estate planning attorney recommendations before having that conversation. That way, you can present your parents with some options so they don’t feel so nervous about the process. If you have friends whose parents have an estate plan, you can see which attorneys they used as a starting point. But it pays to do your own research as well.
At the Law Offices of James A. Miller, P.C., we understand the importance of creating a comprehensive estate plan. But we also know how difficult it can be, no matter what stage of life you’re at. That’s why we approach all estate planning discussions with empathy and patience, and we’re willing to answer any questions you or your loved ones have about estate planning.
Contact our Worcester office today at (508) 799-8885 or reach out online to schedule a consultation and learn more about the different services we are able to offer. Our goal is to make the entire estate planning process as smooth and stress-free as possible from start to finish.