Talking to your parents about their finances and what would happen when they die can be uncomfortable, to say the least. After all, death is taboo in most households.
However, if you decide to discuss estate planning with your parents, it is important that you know what you are going to say and how you are going to say it. Done right, this conversation can help your parents create an estate plan that will reflect their wishes and safeguard their legacy.
Why do your parents need an estate plan in the first place?
At the very basic, an estate plan is a series of documents that defines how the decedent’s wishes will be executed upon their death. Without an estate plan, Nevada’s intestacy laws would determine what happens to the decedent’s assets. And this might cause problems.
How do you talk to your parents about their estate plans?
While raising the subject of estate planning with your parents may seem intimidating, there are a couple of tips that can help you navigate this process with some ease:
- Approach the issues with sensitivity. Your parents have provided for you, taken care of you and taught you good behaviors your entire life. As they age, it is inevitable that some of these roles will switch – but your parents may not like it.
- Remember that death is an uncomfortable subject for many. It is not unusual for your parents to be uncomfortable about the subject of death.
There is no doubt that most people would rather not talk about death. However, death is inevitable. Helping your parents with their estate planning process cannot only safeguard their future but also ensure that their wishes are acknowledged and honored when they are no longer around to speak for themselves.