One of the most important things a person might do in their lifetime is create an estate plan. Unfortunately, it can also be one of the most difficult things they might ever do.
That isn’t because estate planning has to be complicated. With the help of an estate planning attorney, the process can actually be quite smooth and easy. Rather, it’s that many people have a hard time coming to terms with the idea of not being around. Because of that, they may be inclined to put off the process of creating an estate plan or gloss over important aspects of it. That, however, usually creates a world of complication.
If your parents don’t have an estate plan, or if you don’t know the details of it, you’re certainly not alone by any means. According to Cambridge Trust, 52% of people don’t know where their parents store estate planning documents. And 58% of people don’t know what the contents of their parents’ estate planning documents look like.
Furthermore, although 51% of adult children will ultimately be responsible for executing their parents’ wills, only 36% have access to their parents’ passwords for financial accounts. The lack of communication can cause lots of problems. Of course, having estate planning conversations with parents isn’t easy. But if you’re in the dark, it may be because your parents don’t have an estate plan to begin with. And if that’s the case, it’s extremely important to discuss it. Here are some tips for getting started:
1. Don’t spring the discussion on them.
Talking about estate planning isn’t easy. The last thing you want is for your parents to feel ambushed when you sit down to talk about it. Make your intentions clear from the start. Explain to them that you’re concerned because they have not yet discussed estate planning with you, and that you’d like to get onto the same page.
Also emphasize the fact that you don’t want to wait until an emergency situation arises to create an estate plan. If you hold off on having those conversations until one of your parents is in the hospital or starts having major health issues, it makes things that much more stressful. It is better to have those discussions at a time when your parents are mentally and emotionally equipped to handle them.
2. Come prepared with information.
Your parents may find the idea of estate planning overwhelming. Make things easier on them.
Research some estate planning attorneys in your area and provide your parents with a list of resources. That way, they’re not looking for an attorney from scratch.
Familiarize yourself with some of the more commonly used estate planning tools so you can share your thoughts with your parents. These include a Last Will and Testament, a Living Trust, a Durable Power of Attorney, a Medical Power of Attorney, and an Advance Medical Directive.
Of course, an estate planning attorney can explain all of these tools as well. But it might help to go over some basics with your parents in advance so they don’t feel overwhelmed.
3. Explain how estate planning gives people peace of mind.
It’s natural for people to find the idea of estate planning stressful. For this reason, explain that creating an estate plan should give them peace of mind. Not only that, but as their child, it could give you peace of mind.
An estate plan can help ensure that your parents’ wishes are carried out once they’re gone. It can also spare you the burden of having to scramble to get their finances and assets in order when they’re not around.
An unfortunate thing that happens when people don’t do proper estate planning is that their children end up burdened with having to chase down information while they’re in the process of grieving. Imagine having to deal with the loss of a parent while scrambling to make funeral arrangements, figure out who their mortgage lender is, and track down their bank accounts so you can pay their bills until their estate is settled. Explaining all of this to your parents could be the push they need to start getting their affairs in order.
When it comes to estate planning, each family’s situation is unique. At The Mendel Law Firm, L.P., an estate planning attorney can help you and your loved ones put together a comprehensive plan that addresses all of your needs and concerns. Putting that plan in place could give you the peace of mind you deserve, so call us today at (281) 759-3213 or contact us online to discuss your estate planning needs.
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