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Questions to ask your adult parents about estate planning

As your parents age, it’s critical that you help them with a variety of tasks related to their finances and health. In many cases, this leads you to discuss topics that fit under the estate planning umbrella.

There are a variety of important questions to ask your parents about estate planning, starting with the following:

  • Are you comfortable with the estate plan that you currently have in place?
  • Do you need to make any changes to your estate plan that you have been putting off?
  • Does your estate plan adequately address long term care planning, such as how you will pay for a nursing home should the time come?
  • Have you given any thought to creating a trust?
  • Are you comfortable with the person you’ve named as the executor and/or trustee?

The key to asking these questions is to do so from a position of concern. Don’t give your parents the impression that you’re asking because you want to receive something in return. This will only drive a stake between you, thus making it more difficult to have a meaningful conversation.

Many people create an estate plan early in life and assume that they don’t have to revisit it in the future. If your parents are part of this group, it’s often up to you to bring the conversation to light. This may be the nudge they need to review their estate plan and make the necessary changes.

It’s not the easiest conversation you’ll ever have, but it’s important to speak up. Doing so will help your parents create the perfect estate plan, which will give them peace of mind.