Estate planning is a complex topic to have a conversation on, especially with the parents. People usually think of estate planning as the process of designating one’s assets after the person passes away and settling his/her debts.
This, however, is not true. Estate planning deals with other issues as well, such as the conditions of incapacity and who would be in charge of making decisions in such situations.
Nevertheless, here are three of the most crucial tips for you to have a healthy conversation with your parents on estate planning,
#1 What Documents You Need to Prepare?
Will is a critical aspect of estate planning. Apart from the will, there is other crucial paperwork too that needs to be done while your parents are still alive. These documents include:
- Health care proxies
- Living wills
- Power of attorney
Another important thing to know is where your parents keep all of their paperwork. Ask them to jot down the passwords for accounts.
#2 Try to Build Up the Conversation
Conversations with parents about estate planning are challenging yet the best way to reduce uncertainty in the situation.
Incapacitation or health crisis in the future can cause major issues for estate planning, but fortunately, they can be resolved with timely conversations.
#3 Provide Assistance but Don’t control
If your parents are not considerate enough about estate planning and are not ready to have any such conversation, act with ‘persuasion’ instead of ‘coercion.’
Be patient and keep reminding them of the potential risks of not creating an estate plan. Encourage them to make the right decision. But at the same time, don’t bully them into making an estate plan.
Speak to an Experienced Estate Planning Lawyer
If you want further information or any help regarding the topic, contact us right away. At Keystone Asset Protection and Estate Planning, we would be more than delighted to provide our services so that you can protect your assets and preserve your hard work.