The importance of talking about estate planning with your aging parents is pretty clear: the longer you go without talking about it, the more time you will spend worrying about what will happen should your folks pass on without an estate plan.
It is in the best interest of everyone involved that your parents have everything in order. Here are simple tips that you can utilize when discussing estate planning with your elderly parents.
Focus on your folks’ interests
It is important that you keep the focus on your parents’ interests and make it clear from the onset that this conversation is meant to safeguard their wishes. Remember, estate planning goes beyond matters pertaining to your parents’ assets. Thus, it is important that you let them air any concerns they might have and ensure that they are comfortable with the decisions they are about to make. The overall goal is to provide support so your parents do not feel alone while working on their estate plans.
Get everyone involved
Estate planning becomes even more complex when there are several parties involved. To avoid conflicts and will contestations in the future, it is important that you include all your siblings (if possible) in your parents’ estate planning process. Involving the entire family in the parents’ estate planning process ensures that each person’s voice and concern is heard. This will eliminate any unpleasant disputes when your parents pass on.
Getting the whole family involved also ensures that responsibilities are distributed in an acceptable manner. One of the common misconceptions that usually arise during estate planning for the elderly is that it is purely meant for succession. However, this is not always the case as parents will, obviously, need support from you and your siblings as they continue to age.
Talking about estate planning with your aging parents is an act of love and responsibility that will ensure that their legacy is not clouded by controversy. Helping them create their estate plan will ensure that their future and legacy are secured.