How to Talk to Your Older Parents about Estate Planning: Tips from an Attorney
It’s not a topic anyone wants to think about, but it’s one that we all need to face at some point: talking to our parents about estate planning. As they get older, it becomes increasingly important for them to have a plan in place in case something happens to them. This can be a difficult conversation to have, but with the help of an experienced estate planning attorney, you can make sure that your parents are taken care of and that you are prepared for whatever will happen.
The Importance of Having an Estate Plan
An estate plan is important for everyone, but it’s especially important for older adults. That’s because, as we age, we become more susceptible to illness and injury. An estate plan gives your parents peace of mind knowing that their wishes will be carried out if something happens to them. It also gives you peace of mind knowing that you won’t have to make difficult decisions about their care or their assets if something happens.
How to Start the Conversation
The first step is to have an open and honest conversation with your parents about their wishes for the future. It’s important to ask them what they want to happen if something happens to them and to make sure that you understand their wishes. You should also ask them about their financial situation and what they would like to happen to their assets.
This is not an easy conversation to have, but there are ways to make it a little easier. You don’t want this conversation to be a surprise — let your parents know you’d like to sit down with them to have an open and honest conversation about their plans for the future. Ask when they’d be available to have a conversation like this and who they would like to be present (other family members, a lawyer, etc.). Next, choose a comfortable location and make sure you have plenty of time. Finally, be sure to listen as much as you talk and take time to digest the information before jumping to conclusions or getting fired up. Having an experienced and trusted estate planning lawyer present or on standby can be helpful.
If your parents already have an estate plan in place, that’s great! Now it’s time for you to understand more about the details of the plan and how you can be supportive.
Questions to Ask Your Older Parents About Estate Planning:
- What plans and wishes do you have in place for the future?
- Have you already started an estate plan? If so, can you please explain it to me?
- Who will be responsible for carrying out your wishes in terms of finances and healthcare?
- What do you want to happen if you become unable to make decisions for yourself?
- What assets do you have and what would you like to happen to them?
- What are your wishes in regards to end-of-life planning and funeral planning?
- What else do you want me to know?
- How can I be supportive of you in this process?
Don’t wait until it’s too late to have this conversation. If something happens without a plan in place, it can be much more difficult — and costly — to sort out afterward. An experienced estate planning attorney can help you navigate these conversations and ensure that everyone understands the options and consequences of each decision.
What Estate Planning Options are Available?
Once you know your parents’ wishes, you can start to look at the different estate planning options that are available. This will likely include creating a will, trusts, and powers of attorney. You may also need to consider long-term care planning and life insurance.
An experienced estate planning attorney can help you understand the different options and figure out which ones are right for your parents’ situation. They can also help you navigate the legal process and make sure that everything is done correctly.
Take Action Now
If your parents don’t have an estate plan in place, there are a few things you can do to help them get started. You can start by talking to them about their wishes for the future and what they would like to happen to their assets. You can also help them find an experienced estate planning attorney who can assist them in creating a plan that meets their needs.
Don’t wait until it’s too late to start thinking about estate planning. If you have questions or need guidance, contact me, Paul Margerie of Margerie Law an experienced estate planning attorney in Brookfield and Elm Grove. I can help you understand your options and make sure that your family is prepared for whatever might happen in the future.
