Children initiate estate planning conversations with their parents for various reasons. It might be triggered by an event, for example, witnessing another family go through a difficult time due to a lack of a will, or it may stem from concern or a desire for clarity to minimize confusion later. Exposure to information about estate planning as children grow older can also prompt a discussion.
If you want to discuss estate planning with your parents, but are unsure how to approach the conversation, here are five tips to help you:
1. Involve your siblings
If you have siblings, involve them in the discussion. Inform them of your plan and encourage their participation. This fosters a collaborative approach and can prevent disputes in the future.
2. Prepare for the conversation
You need to be well-prepared to have a more thoughtful and productive conversation. Plan how to open the dialogue and write down the questions to ask. You should also inform your parents that you would like to discuss estate planning on a particular day, so they can prepare as well.
3. State your intention
During the meeting, it’s vital to inform your parents about your intention. Be clear that you are concerned and want to offer help.
4. Ask about their progress
Inquire about your parents’ progress and if they need help. Avoid assuming that they have not drafted an estate plan and, in turn, start giving them ideas. Additionally, focus on what they want. Listen attentively to what they tell you to respect their wishes.
5. Give it time
It might take time before your parents are comfortable discussing their estate plan. Thus, give it time; this is just the first conversation.
Helping your parents navigate estate planning can make the process more manageable for them. You should also encourage them to consider legal guidance to protect their legacy.
