Your parents might be avoiding estate planning for several reasons. First, they may not want to think about not being able to handle their affairs in the future. Just the thought of looking at their assets and liabilities could also be intimidating.
Finally, your parents may not want to confront the possibility that this process could start fights between you and your siblings.
The thought of estate planning can be intimidating
Your parents worked hard and carefully saved their money through the years. You have often heard them talking about the investments they have made — a complex mixture of stocks, bonds, CDs and annuities. Estate planning isn’t an easy process. For this reason, it has to be customized to each family’s needs.
While your parents have saved and spent their money responsibly, they still do have a few liabilities. They have a few payments left on their car and some credit card balances.
Use these tips to handle estate planning with your parents
Having this discussion can be difficult for more than one reason. They might not want to think about it … and you do not want to think of a world without them in it.
Get together with all of your siblings. Let them know that it’s time to work on your parents’ estate planning. By involving everyone, you might lessen the risk of any arguments or distrust once your parents are gone.
Your parents might worry that you and your siblings will fight over their estate. However, avoiding a family meeting only heightens the possibility of this tension and discord down the line.
The time to have this talk is now — before a health emergency.