Discussing estate planning with your parents is possibly one of the most challenging things. However, the chances are you have seen or heard of incidents where families had a difficult time with inheritances and would like to change the narrative for yours. Thus, if you want your family to benefit from estate planning, consider talking to your parents about it.
Here is how to approach the matter.
Pick the right time
This is not a one-size-fits-all, but the sooner, the better. Don’t put it off until your parents have retired or a life-changing event happens. Once you understand what estate planning entails, you can talk to them.
Do it in the right place
Location plays a vital role in this discussion. You don’t want to start the conversation in a restaurant or on vacation. A place where your parents feel safe and relaxed, perhaps at home, may be the best option.
Include your siblings
If you have siblings, they should be present during the talk. This ensures everyone is included and prevents claims of undue influence in the future. It may help to inform your siblings and parents beforehand about the meeting’s agenda so they can come prepared.
Ask your parents what they have already done
It can be unfair to assume your parents have not thought of estate planning. Thus, do not approach the conversation as if you are informing them about it. Contrarily, you want to learn what they have already covered to see if anything needs to be updated and so on. Nonetheless, if your parents have not started, don’t make them feel pressured.
You should talk to your parents about estate planning to prepare for the future. With professional guidance, they should make a plan that addresses their concerns.