For a number of reasons, discussing your parents’ estate plan with them might be awkward or even difficult. It is difficult to think about death, mainly if it affects members of your own family. It is essential to understand what they want and get them in writing. The holidays could be a great time to talk about your parents and their estate plans if you have not already. If you need help discussing plans with your parents, contact The Ebbert Law Firm.
Introducing estate planning to your parents
A person’s property can be distributed legally during their lifetime or after their death through the execution of an estate plan. Wills, Health Powers, Property Powers, and declarations (also referred to as Living Wills) are frequently used in estate planning. Specific estate plans have the potential to grow by incorporating more complex legal agreements, such as Supplemental Needs Trusts, Revocable Trusts, and Transfer On Death Instruments (TODIs).
Why is it important to discuss estate planning with your parents?
A valid estate plan for your parents may help prevent issues before and after they pass away. For example, if a parent loses their ability to make decisions for themselves, having Powers of Attorney for property and healthcare might help prevent the requirement to apply for guardianship or conservatorship through the court system.
Having an estate plan may help you avoid specific difficulties with Probate and the distribution of your parents’ assets after their passing.
What is the best way to discuss estate planning with your parents?
It is ideal for all parties to be involved in the conversation when you talk about your parents’ estate planning. This includes your siblings and other relatives who may be named beneficiaries in the will or trust or who might be selected as executors, trustees, or Powers of Attorney.
Here are a few essential questions to ask:
- Have you had any estate planning documentation already? Are they up-to-date? Estate planning documentation might need to be revised due to changes in life circumstances, such as marriages, births, deaths, and divorces, etc.
- Who will serve as your trustees, power of attorney, and executors? If you ever need a conservator or guardian, who will you choose to serve in that position for?
- Are all beneficiary designations valid and asset titles correct?
- Do you have healthcare directives or living wills? What wishes do you have regarding health care? If residing alone becomes impossible, where would you want to live?
- Where are the necessary paperwork and documents kept?
- Do you currently work with an estate planning lawyer, or would you like help finding one?
