It’s never easy talking to your parents about estate planning in California, but it’s a conversation that you must have. If you’re not sure where to start, here’s a short guide you could use.
How to do it
You can’t just pick up your phone and talk to your parents about this sensitive yet essential topic. Instead, you need to have a plan in place. First, if you have any siblings, you need to locate them and tell them that you want to talk to your parents about estate planning. Then also, notify your parents about your need to have this conversation. Only then can you find the right time to do this.
While having this conversation, be respectful, sensitive, and listen more than you talk. Remember, this is your parents’ hard-earned wealth, and their wishes come first before yours or any other person’s.
Subjects to touch on
A successful estate planning conversation should cover all the important issues about your parent’s desires and wishes as well as yours. So, don’t hesitate to talk about your own goals for the estate and why you think it’s beneficial for everyone. Some of the key subjects you should touch on include:
- Their current estate plan: If your parents don’t have an estate plan, now is the time to address it. If they do have one, you’ll want to know what it entails.
- Their wishes for their estate: If you know your parent’s wishes, it’ll be easier for you to help them create a plan that’ll satisfy them and you as a beneficiary. It can also help avoid disputes or will fraud after they pass.
- Designated beneficiaries: You also want to ensure that your parent has named you and your siblings as beneficiaries for the estate. The estate will go through a long and expensive probate process if there’s a problem with beneficiary designations.
You’ll be surprised to find out that more than 43% of investors and property owners aged between 50 and 64 have no written wills or trusts. To avoid being in such a complicated situation, make time to talk to your parents about their estate plans.