Chances are you wish to know if your parents have an estate plan. How do they want to distribute assets? Do they have medical wishes? What should happen to their business? And so on.
Talking to your parents about estate planning can be beneficial, but you should do it correctly.
Here is how you can approach the matter:
Include your siblings
Undue influence is a common ground for will contests. Thus, you should always include your siblings when discussing estate planning with your parents. It maintains an appearance of fairness.
Further, it allows your parents to pass information to everyone at once. This can significantly prevent fights stemming from “mom could not have allowed this” or “dad would never say that.”
Choose the right time
The right time to talk to your parents about estate planning is now. You don’t need to wait for a life-changing event like a sickness to initiate the conversation. It’s beneficial to know if your parents have an estate plan sooner.
Besides, you want to know if you have been chosen as the executor or a successor to their business to start preparing earlier.
Know what they have done
When talking to your parents, you should learn what they have done before anything else. They may already have a plan, in which case you will check if they need to update it.
If your parents have not started yet, ask if they need help finding the professionals to help them and so on.
Whether your parents have started estate planning or not, avoid making them anxious. They should know you are ready to offer help.
It’s crucial to help your parents with estate planning. You should also help them get legal guidance to validate their wishes.