It can be difficult to talk with your parents about their estate plan. You may want to know what the plan says, or you may be curious if they have even made a plan at all.
But it can be an uncomfortable conversation. You don’t want your parents to think you’re just counting out your inheritance in advance. How do you bring this up in an effective manner? The following tips can help.
Tell them why you want to know
Be clear about your intentions and why you are trying to learn more about the estate plan. For instance, maybe you had a family friend who passed away without an estate plan and you saw how much confusion it caused for their family. You want to avoid the same sorts of disputes, so you are asking your parents about their plan in hopes that things will go smoothly.
Discuss the benefits of estate planning
It’s also a good idea to simply discuss some of the benefits, rather than talking about what inheritance you expect to receive. For instance, maybe your parents recently had a serious medical diagnosis. Making an estate plan gives them a chance to make medical decisions in advance – or choose an agent to do so on their behalf.
Help with your own knowledge and understanding
Another helpful tactic is simply doing your own estate planning and then bringing that knowledge and understanding to your parents. One of the main reasons why people don’t make estate plans is that they are unsure where to begin. If you’ve already done it yourself, you can offer helpful guidance to your parents.
Throughout this entire process, be sure you know exactly what legal steps to take.
