Why should I talk with my parents about Estate Planning?

By Burton A. Brown, Esq.

Over one-third of Americans over the age of 60 have no plans to address the issues that arise after they are gone for their loved ones.

It is a child’s duty to help their parents avoid crises that come about before and after their parents have gone. Not only for themselves but for their parents as well. Many will ask, when is the right time to have that conversation? The answer to that question, at a time where the subject can be discussed without emotion and where enough time can be dedicated to discussing it fully. Carve out some time on Mother’s Day, Father’s Day, after Thanksgiving, or another time when all the children are present. The other option is to call a family meeting for the specific reason of addressing the issue.

The subject of estate planning brings to the table two sensitive topics. The first being death and the other is finances. Some may find it easier to talk about one or the other, or even both. For many, neither is a fun conversation but, as we all know, a fact of life. For those that may follow up by saying that no one wants to have the conversation, the best rebuttal to that is to set an example with setting up or mentioning your own estate plan.

Next, ease into the discussion of finances by starting with basics that don’t involve how finances are or were handled. After the initial layers have been stripped away, move on to tackle the more sensitive areas of finance such as funeral arrangements and debt. This is also a good time to address the issue of financial scams. Overall, the best advice is to leave all preconceptions and judgments at the door when you go in to have a discussion.

As uncomfortable and daunting as it may seem, it is important to have the discussion about estate planning with your parents to help both you and your parents avoid any surprises.

As always, feel free to reach out to us should you have any questions!