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How can you approach the topic of estate planning with your parents?

On Behalf of | Sep 8, 2022 | Estate Planning

Every adult should have an estate plan. If you worry about your parents’ estate plan, it may be time to have a conversation about it. According to Business insider, you need to know how to bring it up gently to have a conversation.

Find a reason to bring up the estate plan

Bringing up estate planning to your parents can feel jarring without a lead-in. Plan the conversation. Use news articles or current events as a reason to have the conversation. Prepare your parents for the conversation. This gives everyone a chance to collect paperwork and to come to the conversation with the right state of mind.

Bring the family together for the discussion

Estate planning conversations can be tense. If you have the conversation alone, without bringing in other members of the family, it may add more tension in the family. Siblings may assume that you want to take control of your parents’ estate plan for your own purposes. Talk to other members of the family to ensure everyone is on the same page.

Plan what you want to discuss

Estate planning is a complex process. Planning could involve discussing a living will, power of attorney and trusts. Talk to your parents about who they trust to make financial decisions. A financial power of attorney could be someone within the family or a professional financial advisor. Most estate planning involves determining who makes decisions if your parents can no longer make decisions for themselves.

Estate planning is not only difficult, but it can also be emotional and overwhelming. Being there for your parents can help ease the process.