Tips for talking to your parents about Estate Planning
Topic: Talking to Your Parents About Estate Planning
Host: Sidney Wheelan
Key Points:
- Why this conversation is important: Even though it can be difficult, discussing estate planning with your parents ensures their wishes are known and avoids potential conflict among family members.
- When to have the conversation: There's no perfect time, but don't wait until a crisis. Choose a calm and comfortable setting.
- Tips for approaching the conversation:
- Start by expressing your concern for their well-being.
- Find out what they've already done.
- Emphasize the importance of preventing family conflict.
- Consider including all family members in the discussion.
- Be prepared to address their concerns with empathy.
What to discuss:
- Whether they have a will, trust, power of attorney, or healthcare power of attorney.
- Their wishes for their assets and legacy.
- A succession plan for a family business (if applicable).
Additional Tips:
- Do your research on common estate planning terms.
- Ask open-ended questions to encourage them to share their thoughts.
- Consider involving a professional (estate planning attorney or financial advisor).
- Share your own positive experiences with estate planning (if applicable).
- Highlight the benefits of planning, such as peace of mind and avoiding probate court.
- Remember: This is an ongoing conversation. Schedule regular updates to keep the plan current.
Call to Action:
- Invite your parents for coffee or a latte and have a conversation about estate planning!
This podcast episode contains general information for discussion purposes only. Each case is different and must be judged on its own merits. Missouri rules generally prohibit lawyers from advertising that they specialize in particular areas of the law. This article should not be construed to suggest such specialization. Nothing on this site should be taken as legal advice for any individual case or situation. This information is not intended to create an attorney-client relationship, and the listening or viewing of this podcast does not constitute an attorney-client relationship. The choice of a lawyer is an important decision and should not be based solely upon advertisements.
