Many people avoid discussing estate planning with their parents because it’s an uncomfortable topic. No one likes to think about illness, incapacity or death.
However, waiting until a crisis occurs often creates stress, confusion and conflict during a time when everyone is already dealing with difficult circumstances. It’s better to have an open discussion about estate planning before an emergency arises.
Estate planning involves more than a will
When most people hear the term “estate planning,” they think of a will and who will inherit their property when they pass away. While creating a will is an essential part of the process, an estate plan also addresses what happens if someone is unable to make financial and medical decisions for themselves.
In addition to a will, a well-crafted estate plan should include a power of attorney, advance directives, a health care agent designation and other legal documents that provide guidance in the event of death or incapacitation.
Emergencies rarely come with advanced notice. A sudden accident, serious illness or medical event can leave a person unable to communicate. Without a plan in place, family members are left scrambling, trying to determine who should be making decisions and what those decisions should be.
Families who are prepared already know who has been selected to make financial and medical decisions, the location of important documents and what their loved one would want in an emergency. That knowledge can provide peace of mind during a stressful time.
Avoiding disputes
Disputes often arise among siblings when there is confusion about their parents’ wishes. Family conflict can be prevented by having estate planning conversations before a crisis. When adult children understand why certain decisions have been made and who has been chosen for important roles, they are less likely to be surprised later.
Rather than being uncomfortable, estate planning discussions often provide an opportunity for families to discuss important values, goals and preferences that might otherwise go unspoken.
When a crisis occurs, families often wish they had had these essential conversations sooner. If you are unsure how to start the estate planning conversation with your parents, you may want to speak with a legal professional who can guide you through the process.