Starting a discussion about estate planning with your parents can be a difficult subject to approach. It requires you to start talking about your parent’s death, and that can be painful to think about. Still, it is necessary to have a frank discussion about how your parents have prepared their estate plan, if they have one prepared at all. If they are in poor health or at an advanced age, you may want to reach out to an Illinois estate planning lawyer for help.
Why You Should Talk to Your Parents About Their Estate
Depending on your relationship with your parents and how prepared they are for the future, a discussion about estate planning could be vital. If something should happen to them before they can establish a definitive plan for their estate, the process of making sure their assets are distributed fairly and in accordance with their wishes can prove to be monumentally difficult. You should make sure the plan has an administrator chosen by your parents.
A surprising amount of elderly people do not have an estate plan in place. Some find it morbid to discuss the aftermath of their own death, which is understandable. They may be even more reluctant to discuss such an upsetting topic with their children, but failure to do so can result in legal complications that may only make their passing a harder burden on their surviving loved ones. Talking about estate planning with your parents may not be pleasant, but it must be done.
Important Steps You Can Take
Talking to your parents about their wishes and plans for what comes next does not have to be an intimidating experience. There are ways you can go about it that might make the conversation easier or help them appreciate how necessary it is to have a strong, legally sound plan in place. Here are some steps you can take to help your parents understand why you need to talk about this before it is too late:
- Include Your Siblings: If you have siblings who may seek to benefit from your parent’s estate, you should include them if possible. Showing family unity to your parents may make them more receptive to what you have to discuss. Including your siblings can also exclude feelings of distrust that might be present. Your parents may be reluctant to discuss their estate because of fears that their children may fight each other over it.
By bringing the family together for this discussion, you can get everything out in the open and reassure your parents that you all have their interests and well-being at heart. If you find out they don’t have a plan, you should help them get in contact with an estate planning lawyer to start working on one together.
- Choose the Right Moment: It is important to time such an intimate and potentially painful conversation correctly. If you sense one or both of your parents are in a bad mood, it is probably not the right time to launch into a complex discussion about their estate. You may want to wait until a life-changing event has occurred in the family, such as a recent birth or the purchase of a new house. However, this can be risky.
- Learn What They Already Have: There is a good chance your parents may have done some estate planning already. Still, you may want to have a conversation to see if any of it needs to be updated. They may have named executors in the past who they are no longer close to or who have passed away. You should always update your plan to reflect your current life goals and aspirations.
FAQs
Q: Should You Speak to Your Parents About Their Plan?
A: Yes, you should speak to your parents about their estate plan, as well as their last will and testament. You should know what your parents’ goals are with their estate and who they intend to name as executor after they pass away. It’s important that you have a roadmap in mind for what you and the rest of your family can expect. If your parents don’t have a plan in place, the court will name someone to handle the estate.
Q: How Much Does an Estate Planning Lawyer Cost in Illinois?
A: There is no telling how much an estate planning lawyer may cost in Illinois. Every estate planning situation is different, and the amount of effort you will require from your lawyer is going to be different. Every case has its own set of details and circumstances that make it unique. Your lawyer’s fee will be determined by their resources, education, experience, and the complexity of the case.
Q: Can My Parents Change Their Estate Plan?
A: Yes, your parents can update their estate plan whenever they need to, as long as they are still mentally competent and not doing so under duress. It is well within your rights to change your estate plan and your will anytime you believe it requires updating. You may want to consider reaching out to an estate planning lawyer to make changes instead of doing so yourself.
Q: What Happens If My Parents Don’t Have a Plan?
A: Technically, everyone has an estate plan. You either have one you developed yourself, or you have one created for you by your state’s legislature when you die. If you do not make one for yourself, the court will likely disregard any wishes you had regarding your estate. If you have specific designs for your assets upon your death, it is very important that you implement an estate plan that honors them.
Reach Out to an Estate Planning Lawyer
It is vital that you discuss your parents’ intentions regarding their estate. Otherwise, you and the rest of your family could be blindsided even further in the event of their death. The last thing you want is for your parents’ wishes to go unheeded. The legal team at Stange Law Firm can help you and your parents start putting together a solid plan for their estate. Contact us to speak with a team member about your situation.
