When should you bring up the topic of Estate Planning?
Estate planning is often seen as a taboo conversation with your loved ones, especially when you want to discuss it with your parents. Thus, it becomes tempting to avoid the issue because of the emotional toll it can take on the family.
But, if you can find the right moment to bring up this topic, you will avoid a lot of hassles down the road and allay the concerns of your parents as well as your whole family. Here are a few tips recommended by our Trust Life estate planning experts that can make it easy for you to approach the subject.
- Preparation is the key
Before you delve right into the conversation, you must be clear to yourself about what you want to achieve. This can help your parents recognize the importance of taking timely action so their wishes are respected and understood in the case of an early death.
Choose the right time for this discussion. Do not just wait till one of your parents is ill because the emotional toll can be severe in such circumstances. If they are downsizing or thinking of moving to a retirement home, the moment can be perfect to bring up this conversation.
The place of discussion is also important. Avoid a noisy place with lots of distraction. A welcoming setting like the family home is a much better choice.
- Do not suppress anything – be transparent
When you are having the conversation, address your parents’ concerns. Pay close attention to their wishes so you can make sure there is enough coverage in place to fulfil the same.
Remember, this may not be the right time to discuss about what you are inheriting or to right past wrongdoings. Make your intentions clear – inform your parents that you will distribute the inheritance based completely on their wishes when the time is right.
Try to lead by example. Make you parents aware of what you have done regarding your own estate planning. This may convince them to be more open to listening.
Be honest; keep the conversation as casual as possible. Cover all important topics like:
- Their income sources,
- Their personal or mortgage loan balance,
- Their investments,
- The insurance plan they have in place,
- A will they have in place (if applicable).
- Remember, there’s no need to rush
Never push your parents to take hasty decisions. Give them time. It is very unrealistic to think all your estate planning questions will be addressed in a single setting.
So, it is recommended that you line up other times when you will be able to continue the conversation. Take one step at a time.
Need advice with estate planning?
If you need any professional assistance with estate planning, get in touch with our financial advisors. Our Trust Life advisors will make it a breeze for your family to work through the estate planning process at no additional fees.
Our advisors will transparently and confidentially review your parents’ wealth protection, life insurance, and estate planning needs. Get in touch with us today.