Talking about estate planning is important.
Some conversations are never fun.
Estate planning talks can be hard.
Discussing estate planning with your parents can be worse.
Fortunately, The Chicago Tribune article titled “Have the estate planning talk” provides insight and advice.
Money can be quite emotional.
Your parents may feel you care more about cash than them.
How can you ease into the topic?
Start with one subject.
A good place to begin is by discussing a beneficiary designation or the re-titling of a bank account.
After your parents are engaged, then bring up their goals and concerns.
Make the conversation about their wishes.
To complete the process, you should involve an experienced estate planning attorney.
He or she will be able to create a plan specific to your parents or even update their current estate plan.
What are the essential parts of an estate plan?
You will need a will, a power of attorney, a health care proxy and a letter of instruction.
More complex estate plans may involve one or more trusts, too.
Have this conversation now so they will have an up-to-date estate plan in place when needed.
Remember: “An ounce of prevention is worth a pound of cure.” When making your financial, tax and estate plans, do not go it alone. Be sure to engage competent professional counsel.
For more information about estate planning in Overland Park, KS (and throughout the rest of Kansas and Missouri), visit our estate planning website and be sure to subscribe to our complimentary estate planning e-newsletter while you are there.
Reference: Chicago Tribune (October 20, 2016) “Have the estate planning talk”