Did you know that only 42% of Americans have a will? It seems like many people devote more time to planning a vacation, selecting a car, or even picking a restaurant for dinner than they do to estate planning.
Will planning is the process of identifying who will inherit an individual’s property when they die. It may not be as exciting as planning a vacation or browsing restaurants, but who wants to die knowing that the right person won’t get all their possessions?
Talking about estate plans for parents might be a tough subject. We understand that you don’t want to think about the day they will no longer be here. However, having this conversation is important because not creating an estate plan can result in their wishes not being met.
Why Talk to Your Parents About Estate Planning
Talk to your parents about the advantages of estate planning, including peace of mind, excellent long-term care, relieving the burden on the family, saving money, and so on. They may be surprised to hear the benefits. Ask them to make a decision while they still can.
How to Help Your Parents Get Their Estate in Order?
It is usual for parents to reach a stage in their lives where they need help managing their finances. It would be best if you began making estate plans for parents as soon as possible to avoid financial difficulties in the future. Ensure to include all the siblings in the conversation to eliminate the possibility of a dispute.
Why Do You Need an Attorney for Estate Planning?
Once your parents reach the age of adulthood, they should hire an estate planning attorney to form wills and trusts to protect possessions. A partner, friend, or colleague cannot carry out their wishes once they are gone unless documented in a legal estate plan. The older we get, the more critical it becomes to join hands with an estate planning lawyer.
