Tuesday, February 08, 2011

NEET Tips

NEET Tips answers questions posed online to the NEET website

What are some good ways to begin discussing my parent’s estate planning?

There are three common approaches to raising the issue of estate planning with elderly parents. One method is to discuss what happened to a family friend or neighbor who recently died, particularly if the lack of estate planning caused family problems. You and your parents can learn from their mistakes. Another method is to begin your own estate planning and mention to your parents what you have learned. You can also state that your attorney wants to know how your parents estate planning is set up so that your attorney can plan accordingly. The final method is to suggest your parents get organized, first with getting important paperwork in order, then addressing incapacity issues with an Advance Directive, a power of attorney for finances and a HIPAA release. Once your parents complete those documents, the next natural step is drafting a will or trust. Be aware that patience is important, and recognize that as the elderly get older, one of their biggest fears is losing control, so attempting to micro-manage the process could backfire. It’s never an easy conversation, but it will undoubtedly benefit everyone.

For more information on talking to your parents about estate planning, see the NEET article:

Talking to Your Parents About Estate Planning