No one wants to have a conversation about death and inheritance with their loved ones. However, this is one conversation that should happen. Making sure that your parents have an estate plan in place is quite important. If they do not, it could complicate your future considerably.
Talk to people who have administered a parent’s estate if they passed on without leaving behind any succession documents and they will tell you about the countless hours they spent cleaning up messy financial records or settling disputes over the deceased’s assets. Add the potential for guardianship proceedings should your folks become incapacitated and disagreements over end-of-life decisions, and you can easily appreciate why estate planning is essential.
Here is how to get the conversation about your parent’s estate plan going:
Do not procrastinate
The best time to talk about any estate plan is now. Anything can happen at any time, and putting off the conversation around your parents’ estate plan will not make things any easier. By talking about it and taking action as soon as possible, you will make sure that you, your parents and their assets are protected should something happen.
Find out if your parents have any plans started
If your parents have yet to start the process of planning their estate, now is the time to get them some help. You may want to get the rest of the family involved and talk about their estate plan. Getting the whole family to talk about your parents’ estate plan can help ease the tension that may arise with this kind of conversation and make it easier for your parents to express their wishes.
Death and estate inheritance are not topics that most people want to have over dinner. However, it is critical that you have a frank and candid conversation about your parents’ estate plan. You want everyone to be prepped ahead of time rather than waiting until health complications or life changes rip the opportunity away.