(Part 1 of a 2-Part Series)
In 2008, Congress recognized the need to educate the public about the importance of estate planning. They did so by passing House Resolution 1499. This designated the third week of October as National Estate Planning Awareness Week. Nevertheless, according to a 2019 survey carried out by Caring.com, 57% of adults in the United States have not prepared estate planning documents such as a will or trust. This, despite the fact that 76% viewed such documents as important. Many of the respondents said they failed to act due to procrastination. Others mistakenly believed doing so was not necessary because they did not have many assets.
Estate Planning Awareness Week highlights the importance of taking steps to make sure your estate plan is up to date. What’s more, the event encourages you to talk to your family members — especially elderly parents–about creating an estate plan.
Estate planning is often a difficult topic to broach. Many struggle to bring up unpleasant topics such as aging and death. However, creating a proper estate plan offers peace of mind for you. Preparing a plan ensures your family members of protection over their life savings. Put plans in place before someone becomes ill, so property passes down according to their wishes. Here are a few tips to help you start the conversation and important discussion points.
Be sensitive
Put yourself in your family member’s shoes. Also, bear in mind that few people wish to discuss their own mortality. One way to begin the conversation is to talk first about the need to plan for illness. Make a plan to provide instructions in the event they become too sick to communicate with doctors or manage their own finances. The conversation can then naturally progress to the importance of having an estate plan that will enable their life savings to be transferred in the way that they wish, provide for the care of any children or pets, and minimize any taxes, court costs, and legal fees. Communicate that you are not trying to control their decisions, but only want to ensure that their own wishes regarding their medical care and their property are known—and that all their instructions are in writing to guarantee they are honored.
Involve other family members in the conversation.
If you are planning to speak to your parents about the need for an estate plan, it is important to try to include any siblings in the discussion to avoid giving the impression that you are trying to influence or control your parents’ choices. You and your siblings should emphasize to your parents that none of you are asking about what you will inherit, but just want to make sure that their wishes are known and honored if they become ill or pass away.
Check back next week, when we will conclude this two-part series about how to talk to your family about estate planning.
About Skvarna Law Firm in Glendora and Upland, California
A skilled attorney can assist with your estate plan. Contact us today to learn about your options (909) 608-7671. We operate offices in Glendora and Upland, California. We provide legal services for individuals living in San Bernardino, Los Angeles, Orange and Riverside Counties. This includes the cities of Upland, Ontario, Rancho Cucamonga, Fontana, Colton, Rialto, Chino, Chino Hills, Glendora, Claremont, Montclair, Pomona, La Verne, San Dimas, Azusa, Covina, West Covina, Diamond Bar, Walnut, La Puente, Corona, Norco & Mira Loma. Visit SkvarnaLaw.com to learn more.
