No one wants to think about their parents passing away. However, having difficult conversations now about your parents’ estate plan (or lack thereof) can provide peace of mind for your parents and their loved ones for when that day comes.
Many people (parents included) consider estate planning as something that they can worry about later, but the truth is that no one knows when their final day will be. Taking steps now to protect loved ones in the future is worthwhile. If your parents do not yet have an estate plan in place, they should strongly consider establishing one both for their own satisfaction and ease of administration for their children and loved ones. It will also allow them to name trusted individuals to make financial and health care decisions for them if they are unable.
Your parents may also lean on you for guidance on the best people in their family circle to handle important matters for them and carry out their final wishes. Some family members may have better skill sets for different roles or be better suited for particular responsibilities than others.
Parents may not want to discuss specifics of their assets with their children. This is understandable. However, having general discussions with your parents about whether they have a trust or will in place is an important starting place. Without proper documentation, default provisions of state law, and not your parents, may determine how their assets are distributed on death.
Once you do talk to your parents, they should discuss the pros and cons of their plan with an experienced attorney. Contact the attorneys at Wright Beamer to help you and your parents through the process. Give us a call at 248.477.6300.