Talking To Your Aging Parents About Planning Their Estate

As an adult child, you may worry about your parents’ future and ensure that their affairs are in order. However, you and your parents may not feel comfortable discussing financial details, healthcare decisions, or the potential for incapacity. Although uncomfortable, having these conversations with your parents is very important. When families can talk openly about planning ahead, it can prevent conflict, confusion, and difficult decisions in the future. Below, our Daytona Beach estate planning lawyer outlines some tips to follow when talking to your parents.

Understand the Importance of the Conversation

Estate planning is not only about distributing your parents’ property after they pass away. It is also about ensuring another person can step in to help if your parent is ever unable to manage their own affairs. Without effective planning you, your parents, and other family members may face the following issues:

Challenges accessing financial accounts
Uncertainty about medical wishes
Disputes among family members
Court-appointed guardianship

With the right documents in place, your family can avoid the above wishes. Your parents can retain control over their own decisions and ensure their wishes are respected.

Timing is Everything

Choosing the right time is also critical. Do not wait for a crisis to occur but instead, broach the topic when there is no immediate pressure. Some of the best times to raise the subject include:

After attending a memorial service or funeral
After learning of a relative’s or friend’s medical emergency
When discussing retirement plans
When discussing future plans

It is important to approach the conversation early. This can ensure that all parties can make thoughtful decisions.

Focus on Care Instead of Control

It is important to approach the conversation with a focus on caring for your parents and not controlling them or their property. Tell them that you only want to ensure you know their wishes so you can ensure they are followed. Emphasize the fact that you also want to make sure their wishes are legally documented. Make sure that you do not lecture but instead, create a dialogue that is supportive.

Know the Documents to Discuss

If your parents have not yet created an estate plan, it is helpful to understand the basic documents involved. You may want to talk to your parents about the following:

A trust or will to distribute their property
A durable power of attorney that will allow another person to make decisions if your parents are ever unable to
A healthcare surrogate designation so your parents’ medical wishes are respected

Ensuring that these documents are in place, and that you know where they are, can provide peace of mind for everyone in the family.

Our Estate Planning Lawyer in Daytona Beach Helps Families

At Bundza & Rodriguez, our Daytona Beach estate planning lawyer is committed to helping individuals and families create plans that protect all interested parties and we can put our expertise to work for you, too. Call us today at 386-252-5170 or contact us online to schedule a consultation and to learn more about how we can help.

Source:

leg.state.fl.us/statutes/index.cfm?App_mode=Display_Statute&URL=0700-0799/0732/0732.html