How to talk to your parents about estate planning

On Behalf of | Feb 8, 2022 | Estate Planning |

You may be entitled to inherit a portion of any assets in a parent’s Texas estate at the time of his or her death. Of course, it’s also possible that your mother or father would rather pass those assets on to a charity. To avoid confusion or hurt feelings, you are encouraged to have an estate planning conversation with your parents.

Tips for approaching such a conversation

It’s important to remember that no one wants to consider their own mortality. Furthermore, it’s also important to remember that your parents may interpret your efforts to talk about their estate plan as an attempt to profit from their wealth. Therefore, you should take pains to mention that you won’t do anything that they aren’t comfortable with.

It’s also worth mentioning that estate planning is more than just considering what they’ll do with their stuff. It can also help them decide where they want to live if they are incapacitated or what types of treatment they would like to receive if they can’t speak for themselves.

Include the entire family in the conversation

If you have siblings, cousins or other family members who are close to your parents, include them in your estate planning conversation. This may make it easier to convince them that everyone is on the same page as it relates to ensuring that your parents are taken care of now and in the future.

Ideally, anyone who has a will, trust or other estate plan documents will review them at least once a year. This may help to ensure that they are formatted properly and truly represent your interests. If any changes need to be made, it’s generally a good idea to do so quickly to ensure that they are made while you’re of sound mind.