TIPS FOR DISCUSSING ESTATE PLANNING WITH YOUR ELDERLY PARENTS
If you have concerns about your parents' estate plan, there is no time to waste. You should bring this topic to the forefront, as this will allow you to clear the air and help them understand the importance of making a few key decisions.
Here are some of the many tips you can follow to more easily discuss estate planning with your elderly parents:
Schedule a time to talk. You don't want to bring up this subject on a whim, as it's a conversation that requires the full attention of all parties. Set aside time to focus on estate planning and nothing else.
Focus on the wants and needs of your parents. This doesn't have anything to do with you and your future. Instead, you want your parents to make the right decisions for them.
Be careful about what you say. You don't want to come across as being pushy, forceful or greedy. This is why you should have a clear communication strategy in place before you sit down to talk about this.
Ask key questions. This will differ from one person to the next, but don't be shy about asking important questions. An example of this would be: Have you thought about what will happen to your home after your pass on?
Involve others. While it may make sense for the conversation to involve only you and your parents, don't hesitate to bring others into the fold. For instance, your siblings may want to join in.
Don't talk specifics. You may find that your parents are uncomfortable talking about specifics, such as dollar amounts. There is nothing wrong with this. You can still accomplish your goals without talking about the finer details.
When you take the right approach, you will find it much easier to discuss estate planning with your elderly parents. There are sure to be challenges that arise, but there's nothing so complex that it should stop you from having the conversation.
Once you have this discussion, everyone will feel better about the future.