A Conversation Worth Having
With the holiday season just around the corner, why not take some time to have a friendly chat with your loved ones about estate planning? The holidays can be both a tricky and a great time to talk. You need to know whether or not your parents have put together an estate plan, and as daunting as it may seem, this is the perfect time of year. While it is your parent’s choice to make estate planning decisions, having a plan — no matter how late in life it is created — is an absolute must.
The thought of speaking with your parents about their finances and estate planning probably makes you want to run as fast as you can in the opposite direction. Having this conversation is the key to helping make sure your parents are able to live their golden years without financial worries and that their wishes are carried out after their death.
Let this holiday season be not only a time for celebration but also an opportunity to ensure a secure and harmonious future for your family.
How to Start the Conversation
- Pull the deed to your parents’ home to determine whether they have a revocable trust – This is an indicator of whether your parents have an estate plan.
- Ask for copies of their advance health care directives – You need to know how to care for them if they suddenly cannot care for themselves. You need authority and instructions.
- Ask them if they have Long Term Care Insurance, and if they do get a copy of the plan benefits: will you need to financially assist your parents if they suffer a long-term illness?