“Talking to Your Parents About Making Plans for Their Money and Belongings”

– Conversations about death and dying are tough for many people, including adult children and their parents.
– Despite the difficulty, it is important to have these conversations to plan for the orderly and safe disposition of money and property, and to ensure continued care for loved ones.
– Having these difficult conversations can also help ensure that parents have a voice in their end-of-life care and in making financial and medical decisions.
– Without these conversations and a legal delegation of decision-making authority, state law may govern what happens, which may not reflect the parents’ wishes and could result in expensive and time-consuming court processes for their heirs.
– When raising the issue with parents, it is important not to nag or create an atmosphere where parents may start avoiding the topic or become suspicious of the motives of their adult children. – It is important to be open and honest about concerns when discussing estate planning for aging parents.
– It is crucial to involve all necessary parties in the conversation, including siblings, stepchildren, new spouses, and former spouses.
– It is best to have these discussions while parents are in good health, as compromised health may lead to decisions that are not made objectively.
– Asking parents directly about their wishes for estate planning is essential for understanding their desires and helping them protect those desires. – Many parents do estate planning when they start a family but often do not update it, so the documents may not be relevant.
– It is important to ask parents about any past wills, trust documents, powers of attorney, health care designations, HIPAA forms, and insurance and retirement plan beneficiary designations and review them.
– Addressing how parents will provide for their children and grandchildren is critical and may require consideration of unique family dynamics.
– If overwhelmed, a neutral party can help facilitate the conversation and provide guidance on estate planning.

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