An uncomfortable conversation, estate planning is something siblings need to discuss with parents. Normally it's something you don't think about or ask because you can't imagine losing your parents or greed. The will or trust is a part of estate planning but that's not the entire process. If you don't know how to talk about estate planning with your parents here are some suggestions.
- One option is mentioning their final wishes. Mention that by not creating a will or trust a court or government can decide how to divide assets. Let them know that this is their money and you are not telling them how to divide it. Tell them your main concern is about preparing their estate for the future and having the freedom to say who gets what.
- There may be a reason why they haven't discussed it. Parents may be concerned about how the family will work after they pass away. There are so many broken families, and parents don't want to see their children not speaking over something they decided. They may also worry about not having anything to pass down. Ask them about it, hear them out and assure them everything is all right.
- Start the conversation like a story. Explain a situation about a real-life person's family not preparing a will or trust. Mention what happened as a result. Stress that you don't want to be in the same situation and urge them to create an estate plan.
- Another way to discuss estate planning is mentioning it like you learned it at school or from a friend. This creates opportunity for conversation.
- Say that you are going to map out a plan for your estate. Casually ask them how they went about it.
Estate planning is discussed between parents and children because they haven't created a will or trust. Sometimes parents may not feel comfortable discussing estate planning even with the effort. They can come in and discuss their situation with us. With a free consultation, we can plan their estate with their interests in mind. Our estate planning attorneys are here for our clients. For more information on estate planning, contact our firm in Torrance.