If your parents are getting on in life, you might be wondering whether they have an estate plan in place. The obvious way to find out the answer would be to ask them. But, if you are like many people, you may feel hesitant, lest they think it is rude of you to ask.
People have hang-ups about discussing all sorts of things, often with no good reason. For instance, many families never discussed money, and many parents never asked what their child was getting up to when they stayed out all night on a weekend.
An estate planning conversation benefits both sides
You can benefit from knowing a bit about your parent’s estate plan and they can benefit from you knowing it. Remember, an estate plan is not just about who gets what when a parent dies. Your parent’s estate plan may come into place long before they die. If they suddenly fall seriously ill or suffer a severe injury, doctors may need someone to help them make decisions. Someone who can tell them what the patient would want.
Keeping the finances flowing and the bills paid can also be impossible for someone who is hospitalized and in a serious condition. Or for someone whose mental health is failing them.
Parents often nominate children to fulfill roles such as health care power of attorney and financial power of attorney. The nominated person can step up sooner if they are aware they have this duty. It can also make it easier for them if their siblings or others are trying to intervene.
There are many benefits to an estate planning conversation aside from this. Learning more can help you prepare if you feel this is a conversation your family needs to have.