Posted by Dana Law Group on October 24, 2021
Estate planning is one of the most important and one of the most difficult conversations you can have with your parents. It’s vital that you get the family’s financial affairs in order, but these conversations are deeply personal and can often be challenging. Reaching out to your parents about estate planning should be done carefully and from a place of respect.
Here’s what you should know before reaching out to your parents about estate planning.
You should start by reaching out to the people closest to the situation. This could be your siblings, older grandchildren, and even close family friends. You never want to give off the impression that you’re attempting to rig the estate planning in your favor. This should be something that brings the family together and allows them to celebrate what you’ve accomplished as a family.
An accomplished legal team like those at Dana Law Group can help you and your family make sure that everyone is equally represented in this process.
While estate planning is technically about the transfer of financial assets, it’s also about confronting our own mortality and the loss of loved ones. These conversations can be challenging and can also bring new information to light.
You might find your parents revealing some facts about your life or your family that you had never known. You want to approach the situation with a lot of empathy and be ready to actively listen to what your parents have to say. Consider taking notes and be ready to support your family during this conversation.
There are a lot of reasons to start estate planning. We’ve all heard horror stories about relatives who have passed on without estate planning only to have their financial assets tied up in legal proceedings. There are even stories about considerable list states not being able to be passed down due to the absence of estate planning.
However, estate planning isn’t just about material goods. Planning for your estate is about making sure that your children and your grandchildren have the resources they need. You can bring up things like college funds, housing, and other long-term and family goals during this conversation.
The best time to start estate planning is right now. This is true even if your parents are still young. This helps make the estate planning conversation normal and allows it to update over the years.
Starting estate planning well ahead of time also makes things easier on an emotional level. Then it’s less about an impending confrontation with our own mortality and more about just making sure that you can still support your family even after a relative is gone.
The experienced legal team at Dana Law Group can help you and your family put together your estate plan. Reach out to Dana Law Firm today to get started with your family’s estate planning.