Why is it that discussing finances is taboo amongst family? Family members are the people with whom we should be the most open. However, in many families, mom and dad may not want to have a conversation about money with their children, and even adult children may not know how to approach their parents about what will become of their parents’ assets after they die.
You are not alone if your family has not discussed your parent’s estate plan. In fact, only half of all U.S. citizens have an estate plan, and only about 27 percent of those people have discussed their estate plan with their children.
Common reasons for families not discussing estate planning are because the parents don’t have an estate plan or because the children feel like they will seem greedy if they bring up the topic. Unfortunately, lack of planning or lack of communication about estate planning in Georgia can leave families with a mess after their parents are gone.
In order to not be left with a messy situation when your parents are gone, it is best to have a discussion now with your parents about their estate plan. You can have this discussion without sounding disrespectful or greedy. Although it may not be easy to begin this discussion, here are some tips that may make it easier for you:
- Speak with your siblings and get them involved in the conversation so it doesn’t appear that you are going behind their backs.
- Ask your parents for a family meeting.
- Open the conversation by showing your concern for your parents and that you want to make sure they have a plan in place that would take care of one of them if something happens to the other.
- Acknowledge that you want them to have their money and that you and your siblings respect whatever they want to do with their money, but that you just want to make sure they have considered estate planning.
- Ask them if they have established a trust and a will so that their wishes will be carried out when they are gone.
- Provide them with a name of a Georgia estate-planning attorney so that they can get more information to help them set up an estate plan
The Law Offices of Shane Smith offers free, no obligation consultation and is here to help you and your parents with their estate-planning needs in Georgia. Call a qualified Peachtree estate-planning attorney today at (770) 487-8999 to learn more.