Talking about estate planning is a difficult, emotional topic but it\u2019s essential for every family.<\/p>\n\n\n\n
Unless you\u2019re certain your parents have an up-to-date will and a wider plan for what should happen in the event of their passing, you shouldn\u2019t assume everything will be taken care of.<\/p>\n\n\n\n
According to <\/a>a 2017 survey<\/a>, less than half of Americans have a will. If your mother or father dies intestate \u2013 meaning without a will \u2013 such a situation could lead to added emotional strain and stress. And it could have financial implications for all their children and\/or other family members.<\/p>\n\n\n\n The following eight tips can help you discuss the hard topics thoroughly and respectfully and prepare you for the road ahead.<\/p>\n\n\n\n 1. Plan What You Can<\/strong><\/p>\n\n\n\n Discussing <\/a>estate planning and all it entails<\/a> is not something that should happen without any planning. Make a list of topics and questions, then let your parents know what you want to chat about with them.<\/p>\n\n\n\n If possible, set a time and date and choose a private venue that everyone will feel comfortable in. Be aware that you may need to schedule a few conversations as there could be too much to cover in one sitting. Remember to use language that\u2019s respectful and supportive, and to take a breather if emotions run high or the stress becomes overwhelming.<\/p>\n\n\n\n 2. Identify Key People<\/strong><\/p>\n\n\n\n There are several key people you may need to contact for estate planning purposes. Ask your parents for the names and contact details of their:<\/p>\n\n\n\n 3. Address the Topic of a Will<\/strong><\/p>\n\n\n\n Determine whether there is an existing will in place and whether the document is up to date. If a will was created more than five years ago, check to see if they\u2019d consider reviewing it to ensure it\u2019s a true reflection of their wishes. Establish where they keep the document and confirm who they\u2019ve appointed as the executor\/s. The same goes for any <\/a>trust<\/a> that may have been created.<\/p>\n\n\n\n 4. Talk About Power of Attorney<\/strong><\/p>\n\n\n\n Find out whether your parents have appointed someone to manage their financial and other affairs if they become incapacitated. If they haven\u2019t given someone <\/a>power of attorney<\/a>, suggest they consider doing so.<\/p>\n\n\n\n 5. Discuss End-of-Life Wishes<\/strong><\/p>\n\n\n\n Even though the subject may be uncomfortable to talk about, you should discuss your parents\u2019 end-of-life wishes<\/a> with them. Their estate plan will be incomplete without these directives, so it\u2019s important to include them. The form those directives take depend on the state in which you live, and they may include:<\/p>\n\n\n\n 6. Ask About Insurance Policies<\/strong><\/p>\n\n\n\n Talk about the type of insurance policies in place. That includes:<\/p>\n\n\n\n In some cases, there may be <\/a>seniors funeral insurance<\/a> or other policies intended to cover funeral or burial payments. You\u2019ll need to know about these too and have all their details.<\/p>\n\n\n\n If you haven\u2019t already done so, take note of the names and contact details of the insurance brokers. Check where the policy documents are kept, and if possible, make certified copies of them.<\/p>\n\n\n\n 7. Request Access to Tax Returns<\/strong><\/p>\n\n\n\n It can be helpful to know where tax return paperwork is stored. While these documents may not be necessary after death, they could be required if the estate becomes complicated. Confirm where you can find these documents and that they\u2019re all up to date.<\/p>\n\n\n\n 8. Discuss All Other Practicalities<\/strong><\/p>\n\n\n\n In addition to subjects such as power of attorney and insurance, there are several other practicalities you should include in your conversations.<\/p>\n\n\n\n Conclusion<\/strong><\/p>\n\n\n\n Estate planning conversations are tough no matter how you tackle them. Try your best to be patient with your parents and transparent with other family members about what you\u2019re doing. If you have siblings, invite them to be part of the conversation.<\/p>\n\n\n\n\n
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