Many people do not make their estate plan until long after long they retire. That’s a risky gamble for several reasons. Firstly, anyone could die tomorrow. All it would take is one random shooter or one negligent driver to take someone’s life away in an instant. If someone does not have a plan in place at the time of their passing, it will complicate things for those they leave behind and potentially compromise their legacy-related wishes.
Secondly, estate planning can make retirement smoother by increasing the chance of accessing Medicare without draining an individual’s funds and potentially decimating the inheritance that they intended to leave their families.
You may need to encourage your parents to make a plan
The sooner your parents make their estate plan, the better, and it might take your intervention to push them to do so. If you have siblings, perhaps discuss it with them first. If you worry that your parents might think you are wishing their life away, remember that estate planning is as much about helping the person who makes it as it is about helping those they leave behind.
How can an estate plan help your parents?
Drafting an estate plan can make things easier for your parents if they fall seriously ill or suffer significant mental decline. It can ensure they are not subjected to medical treatments or attempts to revive them that they would not want. It can allow someone to step up and sign documents, pay bills or consult with doctors on their behalf. Then, when they die, it can guide people to give them the kind of funeral they would prefer rather than the one that others think they should have. Estate planning can also help to ensure that their assets are distributed, after their death, in whatever ways they wish.
An easy first step is to suggest a visit to someone who can explain more about estate planning and get the ball rolling. Even if your parents seem upset by your initial attempts to broach the subject, they should soon realize you are acting in their best interests.
