Legal: Create Peace of Mind

Nervous about having ‘the talk’? Whether you’re considering sharing your estate plan with adult children, or want to find out if your aging parent even has a plan, starting the conversation can be difficult. Share your love of family and create peace of mind for them by following the following tips from Velma Carroll of Ten Star Financial Services.

Create Peace of Mind

Adult children may have financial worries that could be alleviated if they knew their parent’s plans.
Adult children should be made aware of whether the parents can afford retirement residence care if required.
Knowing your aging parents’ plan will also make it easier to structure your own estate plans.

The discussion doesn’t have to be detailed. You and your family will benefit if you share:

That an estate plan exists
The location of important documents
Any health directives
Who will have power of attorney
The name of your executor
Any funeral instructions

Recognize that you’re dealing with a lot of emotions. Once the subject is out in the open, you’ll find future conversations easier. Here are some ideas to get you started.

Take it slow and keep the conversation as relaxed as possible.
Look for opportunities to bring up the subject casually.
If you want to know the plans of someone else, such as your parent, discuss yours first.
Talk to your adult children individually if necessary.
Be honest.

Bring your loved ones to meet with us. This is a great opportunity for them to come to understand your plans, get clarification on why you’ve structured things as you have, and start thinking about their own plans. A third party can prevent anything from getting in the way of the discussion.

(Information submitted by Velma Carroll, Financial Planner, Ten Star Financial Services)

Ten Star Financial Services
905.634.8834
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