Do Your Parent's Have an Estate Plan?

07/17/2012

Often when I am meeting with clients they think out loud ... “I wonder if my parents have done any estate planning?”  Inquiring about one’s parents’ estate and financial situation used to be considered taboo.  It certainly is an uncomfortable topic to bring up.

But discomfort aside, it is important for families to speak sooner rather than later.  Only by talking to your parents might actions be taken that otherwise would be lost.  Parents might be able to avoid probate or estate taxes so more is passed to their loved ones.  They might be able to plan for a potential disability or make their medical wishes known.  Maybe it would make sense to purchase nursing home insurance.  The list goes on and on.  

Children are often concerned that their inquiries will come across as greedy and eager to receive an inheritance. The could not be farther from the truth. Usually, when children do approach their parents, the parents say "you know I have been meaning to do that."  They just needed a little nudge which is usually what most clients need.