How to talk to your parents about estate planning

On Behalf of | Jan 14, 2021 | Estate Planning

Ideally, you will have at least one estate planning conversation with your parents. However, you may find that they are hesitant to discuss what they plan on doing with their Texas home, bank accounts, or other assets. Your parents may also be hesitant to talk about what would happen if they become mentally incapacitated. Fortunately, there are ways that you can coax them into talking about the future without coming across as rude or offensive.

Having an estate plan is easier for everyone

Generally speaking, parents don’t want to inconvenience their children as they age. Therefore, you should highlight all of the ways that creating an estate plan can allow them to make all decisions and not burden you. As the conversation evolves, your mother and father will likely start to see how an estate plan can make their lives easier as well.

For instance, putting assets into a trust can allow your parents to exercise greater control over how their children and grandchildren use the inheritance. Furthermore, it may make it possible for assets to be distributed to beneficiaries without the need for probate. Finally, in the event that your parents become incapacitated, a trusted person would be able to manage assets on their behalf without any need to appoint a conservator.

Let the entire family know what is happening

Estate planning conversations can be much easier when the entire family is involved. This is because you don’t have to do all of the talking, and it also helps to show that the conversation is a genuine attempt to ascertain what your parents want for the future. If necessary, an estate planning professional can help to facilitate conversations between your parents and the rest of your family.

While it’s never easy to talk about life after your parents have passed on, it’s important to start planning for the future today. An attorney may be able to help your mother and father create a will, a trust, or another planning document that might meet their needs.