Thinking about your own mortality can be a challenging thing to do. Yet, coming to terms with the inevitable is the first step in being proactive about planning for your estate and the financial security of your loved ones.
So, how do you go about talking to your parents about the importance of estate planning? There are several ways to approach the matter.
The first way is to be direct. Here, you can simply ask your parents to divulge their financial standing and how they plan to handle their estate. Of course, you don’t have to jump right into the nuts and bolts of account balances and asset distribution plans. Instead, you can ease into the conversation and make it clear why you’re asking the questions you’re asking. This approach generally works best for families that are close and have strong, open, and honest relationships.
Another approach is to avoid discussing money and instead engage in conversations about the big picture. For example, instead of asking what assets your parents will leave to their grandchild, consider inquiring about how they envision their grandchild’s future. This will get them thinking about what they want to see and spur discussion about how to make that possible.
Yet another option is to seek out assistance for yourself. If you indicate that you’re seeking out estate planning assistance as well as the reasons for doing so, then your parents will likely see the value in that decision. This may give your parents the nudge they need to be proactive in their own estate planning affairs.
These are just a few of the ways to broach the topic of estate planning with a loved one. Fortunately, skilled estate planning legal professionals can help with the process. To learn more about how, consider contacting an experienced attorney who is right for you, your family, and the future of your estate.