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How do you talk to your parents about their estate plans?

| Nov 11, 2020 | Estate planning |

In a few years, your parents plan to retire. You look forward to them relaxing and enjoying their golden years in Texas, but you also want to help them take care of themselves. Do you know how to talk to your parents about their estate?

MarketWatch offers insights that may help you. Understand how to broach a sensitive subject without coming across as opportunistic.

Request a formal meeting

It is good to not dive into an estate planning conversation without warning. Let your parents know you want to talk to them about their future and ask when you can sit down and have a formal conversation. Clarify that you desire a meeting because you want to make sure you honor your parents’ desires regarding their estate. This way, you do not give your mother and father the impression that you only care about getting money when they die.

Choose your words carefully

Before the meeting, figure out what you want to say to your parents and the most favorable way to communicate your message. For instance, tap into empathy when talking with your parents, let them know you understand their hesitation and anxiety about the subject, and share your feelings on the matter, too. Also, repeat in your own words what your parents say to you during the discussion. This helps put you both on the same page.

Do not focus on dollar amount

Many people grow uneasy about talking about money, especially when asked for details regarding their finances. To keep the conversation flowing, let your loved ones know you do not need a specific dollar amount. Instead, focus on helping your parents experience financial peace of mind.