Talking to parents about estate planning

On Behalf of | May 29, 2023 | Estate Planning

Talking with your parents in Michigan about estate planning can be intimidating and challenging. By avoiding this conversation, you may deprive yourself of key instructions or financial information that further complicate dealing with their estate after their incapacitation or passing. Here are a few tips for effectively discussing estate planning with your parents.

Get your siblings involved

Make sure you include your siblings in the conversation you would like to have with your parents about estate planning. Overcoming the obstacle of fairness is best done with open and frank conversations that involve everyone. It prevents fighting later on. If you learn your parents don’t have an estate plan, ask them to create one.

Talk at the right time

It’s not just what you say but when you say it. Don’t wait until your parents or someone in your family experiences a life-changing event. Discuss healthcare powers of attorney, wills, trusts and healthcare.

Talk with your parents when everyone is likely to feel calm. Start by telling them how much you care about them and how important family peace and their wishes are to you.

Start the conversation soon

There are many reasons why talking with your parents about their estate plans sooner than later is essential. There is always the possibility that one or both of your parents will get sick. Also, an untimely death may occur since nothing in life is certain.

Your retirement planning is a good reason to talk with your parents about their estate plan. Your retirement plans could derail when caring for an ailing parent who did not plan ahead. Also, you should know your role in their estate plan.

Your family can prevent unpleasant surprises by setting long-term goals together. However, it takes honest and open communication to do so.