Three Suggestions To Focus on Property Planning With Your Mother and father – New York Property Planning Lawyer Weblog – Jan 17, 2021
While many members of the Baby Boomer generation consider millennials to be in their own right, the millennial age group has matured. Something Millennials are even currently in their early 40s. This means that many millennials are reaching a point where they have difficult conversations with their parents about estate planning. While many people mistakenly believe that estate planning is just the process of determining who should receive what assets and how debts will be paid after a person dies, estate planning also involves deciding who will make decisions about incapacity for work and other critical goals should life problems. To better prepare you for a conversation with your parents, this article discusses some important estate planning tips that you should remember.
# 1 – What documents do you need to prepare?
Wills are critical to solving problems with the estate of a loved one after their death. There are also other types of critical paperwork your parents should prepare while they are still alive. These documents include things like proxies, wills, and powers of attorney. Preparing these documents is critical, especially if your loved one has Alzheimer’s or dementia. You should also know where your parents keep all of these records. You should also ask your parents to make a list of account passwords.
# 2 – Create a strategy to invoke the conversation
It is not easy to talk to a loved one about estate planning or end-of-life problems. However, these conversations are the best way to reduce any fears and uncertainties about the situation. Remember, if your parents are experiencing a health crisis or are mentally challenged, it is too late to prepare some vital estate planning documents. A helpful strategy is to simply ask your parents questions about the nature of their estate plan. In this situation, you often know very quickly whether your loved one has an estate plan or not. Another option, especially if you have a family history of illnesses leading to intellectual disability, is to say that you are concerned about the family history and want to make sure your loved one has an inheritance plan.
# 3 – Help, but don’t exert too much control
Estate planning materials are critical to both you and your parents in achieving your estate plan. However, if your parents challenge you and refuse to discuss the terms of your estate plan, there is not much you can do. If your parents refuse to discuss the terms of their estate plan with you, you won’t have many options. You shouldn’t push your parents into creating their inheritance plan. Instead, all you should do is be encouraging and reminding of the risks of not creating an estate plan.
Talk to an experienced estate planning attorney
Proper estate planning is not easy. If you or a loved one needs help controlling this process, it should be