Have you had the estate planning “talk” with your parents yet? Although it’s hard to bring up, talking about your parents’ future plans and the steps they have taken to protect their interests is critical as they get older.
Here are a few of our recommendations for going over you’re the details of your parents’ estate planning documents:
- Include your siblings— If you have siblings, include them in this conversation to avoid leaving anyone out. By having a frank, open conversation with your siblings, you can prevent arguments, hard feelings, and distrust after your parents are gone.
- Talk at the right time— There is not necessarily a right or wrong time to talk about your parents’ plans with them. If anything, it is best to talk with them sooner rather than later.
- Define roles— As you talk with your siblings, determine who will do what when it comes to managing your parents’ estate. For example, decide who will serve as power of attorney, who will be the executor after death, who will locate all important documents, etc.
- Find old documentation— Your parents may have created an estate plan years ago when you and your siblings were children. If this is the case, it is likely that all this documentation needs to be revisited and revised.
As an estate planning attorney, we can help you and your parents review any existing wills and trusts and edit them, so they reflect your parents’ current wishes for now and the future. To set up an estate planning appointment with us, contact our office today.