Starting a conversation with your elderly parents about estate planning may seem daunting at first. However, it is a way to help other people listen to their wishes many years in the future.
Addressing this topic is a caring step toward securing your parents’ future. Part of this involves learning more about how to discuss estate planning in general.
Approach the conversation
Choose an appropriate setting where everyone can feel comfortable and focused. Begin the conversation by expressing concern for your parents’ well-being.
You can also say you have a desire to understand and honor their wishes. Conveying your genuine intentions sets the stage for a productive discussion.
Understand their values and wishes
To facilitate a meaningful conversation, delve into your parents’ values and priorities. Ask questions about their long-term goals, the distribution of assets and preferences for medical care. This emphasizes your commitment to respecting their autonomy and choices.
Document financial information
Encourage your parents to gather important financial information. These include bank accounts, investments and property deeds.
Americans aged 65 to 74 had a median net worth of $266,400 as of 2020. Creating a document with information about all their assets helps with potential confusion while settling their estate. Emphasize the practical benefits of having this information readily available.
Explore end-of-life decisions
Discussing end-of-life decisions can be challenging. However, it is an important aspect of estate planning. Ask about their preferences for medical treatment, organ donation and funeral arrangements.
Facilitate legal documentation
Help your parents understand the importance of legal documentation, such as wills, trusts and advance healthcare directives. Encourage them to consult with a professional to ensure the validity of their estate planning documents.
Approaching your parents about estate planning requires sensitivity. By participating in this conversation, all of you can feel better and have peace of mind in the face of future uncertainties.