Keep Your Family’s Future Secure

How to approach your parents about estate planning

On Behalf of | Apr 7, 2022 | Trusts, Wills

End-of-life planning is emotional for everyone as no one likes to be confronted with their mortality. However, if you have a parent living in Florida who is 65 or older and doesn’t have a will or an estate plan, the time to talk to them is now. Consider these tips on how to approach your parents about this sensitive issue.

Why estate planning matters

A common reason for not having a will or an estate plan for some older people is that they feel that they don’t have very many possessions to pass on, making estate planning unnecessary. Nothing could be further from the truth, however. Explain to your parents that estate planning involves naming persons who will be responsible for their medical care and their financial well-being if they become incapacitated. When faced with the idea that the court could be responsible for naming someone to take care of them, your parents may change their thinking. Without directives for dispersing of assets, their possessions may go through a lengthy probate process, complicating life for you. Financial accounts will be locked, making it difficult to pay for funerals and debts.

Pick a time and place to talk calmly and frankly. Bring examples of documents, and be mindful of family dynamics by including siblings and other pertinent relatives.

Get professional help

Although you can find resources online to draft some estate planning documents, it may be beneficial to seek professional help when drafting wills and trusts to ensure that assets are adequately protected. Continue to explain to your parents that estate planning is all about preserving their legacy, not spending their money.

Bringing in experts like financial professionals can help. A well-crafted estate plan can free you and your parents from worry and allow all of you to concentrate on appreciating the present.