How to Bring Up Estate Planning With Your Parents

It’s an unfortunate truth that many people approaching their senior years have not turned their attention to planning for their old age or for transferring assets upon their deaths. If your parents are in that company, you can help put them on the right track. However, talking to your parents about estate planning can be awkward and difficult if not approached tactfully. Here are some strategies to initiate the conversation and key points to discuss about the benefits of estate planning.

First, choose the right time and setting. Family gatherings might not be the best time for this discussion, since the focus is on too many other things. Find a quiet, private moment when everyone is relaxed and there are no pressing distractions.

You should frame the discussion in terms of shared priorities, rather than your parents’ age or infirmities. Talk about the value of estate planning with the goal of protecting the family so that everyone is taken care of. Make it clear that you want to help your parents make decisions that align with their wishes, not to take over the planning task for them.

Here are some of the benefits of estate planning to discuss with your parents:

1. Distributing assets according to their wishes — Without a plan, state laws dictate distribution of assets, which may not align with your parents’ desires. A well-crafted will or trust can set clear instructions and prevent disputes over inheritance.
2. Avoiding probate complications — Creating an estate plan can help your parents streamline or avoid probate entirely, saving time and money for their heirs. Tools like living trusts are particularly effective for this purpose.
3. Reducing tax burdens — Strategies such as gifting and setting up special types of trusts can minimize estate and inheritance taxes, preserving more wealth for beneficiaries.
4. Preparing for healthcare needs — Healthcare directives and powers of attorney can ensure that someone your parents trust can make medical or financial decisions on their behalf if they’re unable to do so.
5. Averting family disputes — A clear estate plan serves to prevent misunderstandings and disputes among family members over the management and distribution of their estate.
6. Safeguarding family members — Estate plans can provide for care of vulnerable family members, such as minor children or individuals with special needs. Your parents can use trusts and other tools to assure these individuals financial stability.

You might also encourage your parents to select an experienced estate planning attorney, one who can provide tailored advice, ensure legal compliance and work to meet their objectives. Choosing their own attorney can make them feel in control of the process and confident in the outcomes.

Jeffrey P. Hall, PLLC, an estate planning law firm with offices in Phoenix, Peoria, and Chandler, assists people across Arizona with creating wills, trusts, and other essential documents relating to their future. To schedule your free initial consultation, call me at 480-409-5174 or contact me online.