Even though we all know there is no way to avoid death, it is understandably an unpopular topic of conversation. As your parent’s age, it will make things easier on everyone if they have an estate plan in place, particularly for the unexpected events in life. The following five situations are opportunities that would be perfect ice-breakers for discussing with your parents the necessity of possessing an estate plan.
1. If someone you know was injured and needed medical treatment, particularly if it was long-term care, it would be the perfect time to approach this subject with them. This opens the door to find out if your parents have planned for situations when they may become disabled or go into a nursing home. This type of planning is imperative because of the fact that many people lose their hard-earned money due to medical costs and long-term care.
2. If someone you know becomes engaged, this would be an opportunity to bring up the importance of married couples establishing a will. Then you could segue into a discussion with your parents about the status of their own estate.
3. When someone passes away, people often reflect on how short life truly is. Take this opportunity to find out if your parents have their affairs in order. Focus particularly on discussing if their estate plan has been recently updated and reviewed by a reputable lawyer.
4. If your parents are avid travelers and enjoy taking long vacations, this is a wonderful opportunity to not only find out the location of important documents but to make sure they have plans in place, in the event that something unexpected happens.
5. Retirement is the perfect time to discuss necessary decisions involving financial advisors, CPA’s and lawyers. These decisions will impact how your parent’s finances and estate assets will be preserved throughout the rest of their lives. This will most certainly be viewed by them as a caring gesture on your part.
At Thomas Walters, PLLC, we understand the importance of having the right estate plan in place for a family.