Estate planning is one of the most challenging topics to discuss with our parents. Just bringing the topic up can be daunting. Despite the challenging nature of this subject, it is one of the most important conversations we can have with our parents. Having an estate plan in place can reduce confusion and anxiety at the end of one’s life, as well as avoid unnecessary legal fees, taxes, and delays in asset distribution.

 

The first time our estate plans are likely to come into play will be near the end of our lives and involve decisions concerning our health and finances. These can include what type of medical treatment we want, how the elderly will pay for it, how long, or even if we want to be kept on a life support system. Financial decisions can include reducing taxes when our assets are transferred to our heirs. 

 

After we have passed, our estate plans dictate funeral service arrangements, what will happen to our remains, and how our assets will be distributed. Some people want to leave clear instructions while others leave the decision-making up to relatives or close friends. The most important thing to remember is to choose people who are best suited for the tasks we ask them to carry out. 

 

Preparing for your estate planning conversation with your parents will help you broach the subject and make the most of it. Here are some things to consider.

 

 

When you are ready to initiate the conversation with your parents, it may help to start by asking them if they already have any estate planning documents, then proceed in the order situations may arise. Some questions to consider are:

 

 

Since estate planning is a dynamic process and needs to evolve as conditions change, the estate planning conversation will need to be revisited if, for example, people named in the plan pass away or if a property is sold. Though talking about and creating estate plans can seem daunting, it is helpful to emphasize that one of the most valuable aspects of a thoughtful estate plan is that it gives all involved peace of mind as they move through the end of their loved one’s life. 

 

This article offers a summary of aspects of estate planning law. It is not legal advice, and it does not create an attorney-client relationship. For legal advice, you should contact an attorney. We hope you found this article helpful. If you have questions or would like to discuss a personal legal matter, don’t hesitate to reach out. Please contact our office at (718) 875-2191.