March 2020
Estate planning may not be an interesting topic to bring up, but it is a necessary one. As your parents age, an estate plan becomes more necessary. According to MarketWatch, around 30 percent of parents do not have detailed talks with their adult children about their living expenses in retirement or their long-term care plans . Parents and children alike are nervous to carry on these types of conversations. Children do not want to appear greedy and parents are uncomfortable with it. The problem with silence, however, is that it can lead to conflict later. The children may not understand their parents’ wishes, for instance. Say that a parent leaves more money to one child and not the other, but says nothing to their children about it. They may assume there is a mistake or they may grow bitter towards one another. It is important that you respect your parents’ wishes, even if you do not understand them. Instead of conflict, talk out your parents’ decisions. Request a meeting where you can discuss future plans carefully. Do not spring the conversation on them. Explain that you want a clear idea of the estate and that you want to understand how to support them. Conversations over finances, end of life plans and after death plans can make people nervous and defensive. Make sure to be careful in your communication. Listen to the conversation, show empathy and understanding. In addition, if your parents are sensitive about finances, do not ask for specific numbers. It is better to get a conceptual idea of their plan, not the details.
Even the strongest people worry about the future. Whether we like it or not, it is impossible to know precisely what will happen tomorrow – much less a week, month or year from now. Things change, sometimes in ways that challenge us. That’s life. Fortunately, there are areas of firm ground out there, patches of stability even during periods of tumult. Estate planning, believe it or not, can be one of these spaces. Certainty in uncertain times An estate plan, at its core, is about guidance. Through a combination of legal tools , you can feel confident knowing your voice will always be heard, regardless of the situation. This, in turn, provides peace of mind – not just for you, but for your family and friends as well With an estate plan, you can: Be certain your own personal medical preferences will be known – and followed Be sure your financial affairs are cared for if you are unable to do so Have confidence your heirs will be provided for Know any property you own will be handled appropriately Help save loved ones time and money, in turn reducing stress Providing this type of detailed guidance is particularly important if you have another individual relying on you. It could be a partner that counts on your income, for example, or a child with chronic health needs. These types of situations can benefit greatly from careful long-term planning. How to start an estate plan An estate plan generally comprises multiple elements. That could include a will, a trust or trusts, a health care directive, powers of attorney and potentially much more. Creating a legal and effective estate plan often requires the help of an attorney, but there are a few things you can do to begin the process . You cannot predict what’s to come. But with an estate plan, you can feel confident knowing you’ve provided loved ones a trustworthy road map. No matter what the future holds.
