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What do you know about talking to your parents about their estate plan?

On Behalf of | Feb 17, 2022 | Estate planning |

Recently, your parents shared they want to retire in a few years. While you feel excited about this next chapter of their lives, you also want to help them plan for every aspect of their golden years.

Money Crashers explains how to discuss estate planning with your aging mother and father. Learn how speaking on a difficult subject could ease your worries and help your parents plan for the inevitable.

What do they have so far?

Estate plans often include several documents, such as trusts, wills and advance directives. Each tool addresses a specific estate planning need and helps control what happens to assets when a person dies. You and your mother and father may review different estate planning documents to determine which helps them meet their goals and which they likely do not need.

Have they planned for long-term care?

Years after retiring, your parents may need long-term care at a nursing home or assisted care facility. Estate planning accounts for covering the cost of aging, even if you help take care of your loved ones.

Do they have an advance care plan?

Other than death, estate planning documents also help individuals navigate end-of-life care. For instance, if someone falls into a coma or otherwise cannot communicate her or his medical desires, having an advance care plan may remove a lot of the guesswork and avoidable frustration from the equation. Ask your parents what they know about living wills, power of attorney and Do Not Resuscitate orders. If they already have these documents drafted, ask where they are, so you may access them quickly if you need them.

You and your parents deserve the peace of mind that comes with having an in-depth estate plan. When you know what questions to ask, you better understand how to help your loved ones cover their bases.