Are you worried that your parents have not yet made an estate plan? If not, they certainly aren’t alone, as most Americans haven’t done it. The biggest reason for most people is that they are simply going to do it later and they just haven’t gotten to it yet, but this puts the entire family at risk.
It can also be a difficult conversation to start because you don’t want your parents to feel like you’re just trying to ask for their money now. You also don’t want your other siblings to think that you’re trying to go behind their back and create an estate plan that benefits you. For these reasons, it is often best to include everyone and have a family conversation about this.
Why the meeting is helpful
A family meeting is helpful for many reasons, but one of the biggest is that it shows your parents how much you and the other siblings care. Since you’re all there, it also makes it apparent that you’re not simply trying to get your inheritance early or that you’re only interested in your own financial gain. You really care about the well-being of the entire family and you want everyone to work together to make sure that things go smoothly.
Not only does this take some of the awkwardness out of the conversation, but it allows everyone to express their wishes, ask questions, learn more about potential assets and consider all their legal options. Many people don’t make an estate plan simply because they’re not sure where to start. This conversation could give your parents a good starting place so that they can begin framing their plan, and then they just need to look into the legal steps to take to make it official.