You may assume you will receive an inheritance from your parents, but have you actually discussed estate planning with them. Discussing estate planning can be a way to ensure your parents have all the necessary documents in place and can help avoid any unpleasant surprises.
Discussing money issues
While it may be tempting to ask your parents how much money they are leaving you in their will, this may be a topic you want to avoid, as the amount of your inheritance can change over the years. The more important question to ask is whether they have a comprehensive estate plan in place that includes a will and/or trust.
Other important documents
Having a will and/or a trust is important when it comes to passing down assets, but there are non-monetary documents that your parents should have in their estate plan. This includes medical power of attorney, financial power of attorney, a living will and a health care directive. Having these documents in place can help make sure your parent’s wishes are carried out if they are incapacitated during their life time or in their final days.
Learn more about estate planning
Discussing estate planning with your parents can be a touchy subject, but it is an important one. It can help to have the conversation evolve naturally, and to include all heirs in the conversation. This post is for educational purposes only and does not contain legal advice. Our firm’s webpage on estate planning may be a useful resource for those who want to learn more about this important topic.