Vacation Is Perfect Time for “The Talk”

7:32 pm Estate Planning

caregiver e1354228604294 Vacation Is Perfect Time for “The Talk”Chances are that you will be spending at least some of your vacation time this year with older family members, and while there are few perfect times to talk with parents about their estate plan, the relaxed times you spend together on vacation can be one of them.

A recent Wall Street Journal article provides some tips on how to conduct this critical conversation:

Find a good place to start.  One of the best ways to ease your parents into a financial discussion is to bring up your own.  Tell your parents that you were looking into your own estate plan and wondering if they had already executed their own.  Sometimes you can use scare tactics to good effect – there are lots of stories about celebrities or others who have neglected to plan and paid the price with dire consequences.

Take it easy.  If you feel that parents may need some help with organizing their financial lives, be reassuring rather than applying pressure.  Let them know that you want to make sure their financial independence is kept intact for as long as possible.  Take things one step at a time, such as extending an offer to help them use online bill pay or assist them with organizing their information at tax time.

Respect boundaries.  Many parents feel uncomfortable discussing their finances with their children.  If you face this obstacle, let your parents know that you at least need to know where to find their important documents when it becomes necessary.

Sometimes initiating a conversation with parents about estate planning can be easier with the help of an estate planning attorney.  If you need help with having “the talk”, contact our Orange County law firm.

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