Discussing finances, estate planning, and long-term care is beneficial for the family members in multiple ways. If you look from a practical perspective, it enables the parents to divide their assets and eliminate disputes between the children after their demise. However, many people refuse to talk about these issues with their children for their own various reasons.
As your parents start to get older, it is essential to talk to them about estate planning and other finances comfortably. You might be reluctant to directly ask them if they have made any plans. Therefore, a Cherry Hill NJ estate planning lawyer can help you and your parents prepare an effective estate plan if they have not already.
Nevertheless, below are some tips to initiate a conversation with your older parents and ensure things go smoothly.
- Make sure you have already completed estate planning or considering one:
Often, directly starting a conversation can take unwanted turns. Therefore, before you initiate a conversation with your older parent about elder law and estate planning, make sure you have already done yours or are on the way to one. You can start the conversation by telling them about your plans and how you are protecting your best interests. This will help them get an idea of how estate planning will help them.
- Give them assurance that they will not lose control over their finances.
As your parents get older, they may feel that they are losing control over their finances. Additionally, many may also believe in various myths that they will lose control of their finances if they indulge in estate planning. However, you can give them reassurance that their estate planning will remain confidential between the advisor/attorney and them and that they will have complete control over their finances.
- Explain to them how estate planning is beneficial.
One of the best ways to make sure they understand how estate planning is beneficial for them is by taking them to seminars and workshops conducted about elder law and estate planning by financial advisors and lawyers across your city. Moreover, you can also provide with the resources to check out so that they can understand the importance to a complete extent. If possible, allow them to speak to an estate planning attorney who can help them understand all the details. Additionally, if they have any doubts and questions, an estate planning attorney will be able to clear them right away.