Estate planning is a very important legal process, but over half of American adults have no estate plan. There are numerous reasons for this, such as finding the legalities intimidating, the expense and the belief that only wealthy people need estate plans.
Perhaps you’re concerned that your elderly parents haven’t yet addressed their estate plan. How do you approach such a sensitive topic in the appropriate manner? Here are a couple of things to keep in mind.
It’s all about their wishes
The last thing you want is to exert undue influence. Your parents need to be in control. Talk to them about what they want for the future. For example, if they have grandchildren, you could talk about their futures, such as whether they will go to college. In all likelihood, your elderly parents want to see this, and they most likely want to contribute. You can explain to them that estate planning could help make this happen.
Make it less intimidating
Another way that you could help is to address your own estate plan. Then, you’ll be able to explain that it’s a painless process, and it doesn’t need to be costly. There are few better ways to convince someone about a good idea than acting upon it yourself.
Timing is essential with estate planning conversations. You should always be sensitive and know when to back off. At the end of the day, it has to be your parents’ decision.
You can also encourage your elderly parents to seek as much legal information as possible. This way, they’ll be able to draft a plan that truly reflects their wishes.