Having conversations about estate planning can be awkward for both adult children and older parents alike. However, a lack of communication may result in delays in carrying out a deceased loved one’s final wishes. In some cases, it may result in assets being distributed in accordance with Connecticut law as opposed to how the deceased would have liked to have allocated their property.
Have a broader conversation
The first attempt to talk to your parents about their estate planning needs should focus on their needs and desires both now and after they pass. For instance, you might want to ask what they would like to do in the event that either of them becomes incapacitated. It may also be a good idea to find out what they would like to do with their home or other major assets that they own. You might want to provide input into what you’d like to receive so that your parents can take your wishes into account when crafting their plan.
Focus on their needs
It may be tempting to start thinking about what you would do with a larger home or the money that might be transferred from a parental bank account to your own. However, there is no guarantee that you’ll get anything from your parents, and your odds of having a quality conversation may go down significantly by coming across as someone looking for a payday as opposed to looking out for your loved ones.
Your parents may not be ready to discuss their plan with you. However, they may be willing to read more about creating a will or the potential benefits of a trust. After obtaining information from an objective source, your parents may be more open to talking about their plans.
For many, estate planning is something that happens over a series of years or decades. In addition to a will or trust, it may be beneficial for your parents to include a medical directive, a financial power of attorney or other components to your plan to ensure it meets their needs.